Monero (XMR) price showcased a correction and was rejected from the supply zone of $170 and retested the support zone of $135 in the past sessions. XMR indicated volatility and signaling a significant upside above $150 to be witnessed soon. Buyers persisted in adding long positions, accumulating, and showing buying interest and willingness to sustain above $150. Furthermore, the correction has been completed, XMR is getting ready to retain the swings of $170, which, if it surpasses, will move to $200 in the following sessions.
XMR price is trading near neutrality and close to the round mark of $150, where bulls and bears showed equal interest. If the price sustains above $150, a short covering move could be seen toward $170, whereas if it slips below $150, it will retest $125 soon. However, the technicals suggest a rebound, and investors are showing interest and continue accumulating over the past sessions.
Monero is trading above the 20-day EMA and tried to surpass the 50-day EMA barrier to extend the buying momentum and will sustain above the round mark of $150. Moreover, the buyers looked strong and were trying for a healthy pullback to retain the swing of $170 in the following sessions. Furthermore, XMR retested the immediate support of $135 and rebounded from there, indicating that buyers have managed to stay in the zone with a solid grip.
At press time, XMR price was $146.70, with an intraday gain of 1.94%, showing a neutral chart structure. Moreover, the trading volume increased by 1.40% to $44.46 Million, and the pair of XMR/BTC is at 0.00550 BTC. However, the market cap of XMR coin is $2.71 Billion. Moreover, analysts maintained a neutral rating and suggested further volatility for the upcoming sessions.
XMR Price Action On Daily Charts
On the daily charts, the XMR price is trading below the 200-day EMA and near the round mark of $150. Moreover, the sellers persisted in putting in efforts and trying for a push that will lay down XRP below $150 for the upcoming sessions. XMR price is close to the 50% Fib zone and near the mid bollinger band, where a bounce can be seen in the upcoming sessions.
Short Term Chart Shows Consolidation
On the 4-hour charts, XMR price stayed inside the range and consolidated below the 200-day EMA for the past sessions. Furthermore, the price action shows that XMR price is trading close to the upper neckline, and a breakout can be anticipated.
The RSI curve stayed above neutrality and showed a bullish divergence, indicating a positive crossover on the charts.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a significant upside for the following sessions.
Summary
Monero (XMR) price is trading in a narrow range and waiting for a decisive move above the round mark of $150 to extend the buying momentum for the rally beyond the 200-day EMA. Moreover, the price action highlights the buying interest and accumulation. A breakout is likely in the following sessions.
Technical Levels
Support Levels: $140 and $130
Resistance Levels: $150 and $160
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/18/monero-xmr-price-prediction-will-xmr-escape-range-above-150/