Monero price analysis: XMR continues upside at $226.8. Correction to follow?

TL;DR Breakdown

• Today’s Monero price analysis is bullish.
• Support for XMR is present at $218.7.
• Strong resistance is present at $230.1.

Today’s Monero price analysis shows signs of an uptrend, as the price underwent a significant increase in the last 24-hours as well. If we analyze the market situation from a general overview, the past few weeks have proved to be highly supportive for the buyers. A constant uptrend has been on the rise, and a similar trend has been observed even today. This positive situation has brought brighter prospects for the cryptocurrency as XMR/USD price has come up to a $226.85 high of the last two months.

XMR/USD 1-day price chart: XMR to retest the resistance at $230

The one-day Monero price analysis confirms a bullish trend for cryptocurrency, as the XMR/USD value is going higher. A considerable degree of increase in coin value is being detected due to rising bullish activity. If the buyers remain persistent, it can be predicted that the price will spike further in the next few weeks. The price is now standing at $226.85, gaining more than six percent value during the last 24 hours, and the current price level is relatively higher if we compare it to its moving average (MA) value of $218.5.

The volatility is increasing, as is suggested by the Bollinger bands. The upper end of the Bollinger Bands Indicator is now at the $231 mark representing resistance, whereas its lower end is standing at the $184 mark representing support. The Relative Strength Index (RSI) score has gone up as well and is trading near the over-bought limit now as the score is touching index 65.

Monero price analysis: Recent developments and further technical indications

The four-hour Monero price analysis dictates an uptrend, as well as the bulls performed overwhelmingly. Although the bulls managed to upgrade coin value in the earlier hours of the day and are trying to elevate the price level at press time as well, the bears have also marked their presence by taking over the price function for four hours in between. However, bulls have recovered the damage and are elevating the price levels again. If we discuss the moving average indicator, then its value is currently $219.6.

The Bollinger bands average has moved up to $217 because of the constant increasing trend. The upper limit of the Bollinger Bands Indicator is now touching the $226.8 mark, and the lower band is touching the $208.2 mark showing mild volatility for the crypto pair on the 4-hour chart. The RSI curve is trading near the overbought region at index 64, and the curve of the indicator is upwards.

Monero price analysis: Conclusion

The one-day and four hours Monero price analysis are giving support to the buyers, as a consistent increase in XMR/USD value is being observed. The price has increased to $226.8 in the last 24-hours, as the bulls were leading the game even today. The hourly price chart also displays that bullish activity is on the rise.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.