Monero price analysis: Can Bulls Hold Momentum

The Monero is getting a step closer to bullish dominance.
The current price of Monero is approximately $160.48 with a growth of 3.21% during the last intraday trading session.
The pair of XMR/BTC values around 0.007144 BTC

The XMR bulls have worked really hard to break the bearish trend by bringing the rising trend price over the daily price chart. Investors have experienced a wave of happiness as a result of the rising trend. As the price approaches the resistance, the continuous upward momentum may cause whales to move. It may be Monero’s turning point and if coin’s price fluctuates, bulls must be prepared for a significant shift in the daily price chart.

Monero is now trading at around $160.48 with a 24-hour average increase of about 3.21%. If the bulls have a strategy, XMR has a lot of promise. With this much potential, it might break through to the primary resistance of $180.10 and under the bullish rally it may reach the secondary resistance of $186.04.

Furthermore, if the bears manage to influence the market using fresh tactics that the bulls are unaware of, the bulls can suffer a severe loss at the hands of the bears. The price may drop to about $151.53, which would be the primary support. And after such a devastating setback, it might only hold $141.47 in secondary support.

During the intraday trading session, the volume of XMR decreased by around 3.88%. The amount of coins has steadily declined, which suggests that short-selling pressure may be growing. The bears can exert more effort this time to revive the negative trend.

The Analysis of Technical Indicators

The technical indicator displays what is listed below: The Relative Strength Index is shifting from oversold to neutrality. To return the RSI to neutrality, the bears must put forth a lot of effort. The current RSI number is 45.78, which is lower than the average RSI of 44.63. The coin’s price is higher than the 100 and 200 days exponential moving average. However, both the bulls and the bears are working to live up to investor expectations.

Is $200 possible in Q1 of 2023?

The bulls can push prices near $200 and mark a bullish trend for XMR. amid the hype for privacy tokens, XMR being the most popular can gain profit and mark fresh highs for 2023. The holders can expect $200 to reach near the end of Q1, when bulls are anticipated to be active.

Conclusion

The current market trend for XMR is bullish, with the coin experiencing a steady increase in its price. XMR market trend reflects its potential for growth. Investors must put some effort into the coin. As the coin is under bullish dominance the price of the coin may take a hike.

Technical Levels-

Resistance level- $180.10 and $186.04

Support level- $151.53 and $141.47

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing