XMR Price is Bouncing Back; What Next?

Monero price forecast favors the bulls and suggests a bullish momentum in XMR has just begun. The price breaks above the 200-day EMA and is trying to break out of the $170 level.

Monero price analysis stays bullish for Feb 2024 and suggests the bullish momentum has just started. It showed a steep recovery of approximately 17% from the swing lows.

Moreover, the buying volume in the XMR crypto has also increased in the previous sessions, which showcases that crypto buyers are getting active.

Furthermore, the slow and steady price followed the upward momentum and broke out of the $180 obstacle in the upcoming days. 

The XMR price continued to surge in a bullish phase and climbed above the key EMAs. Bulls turned the trend in the upward direction and indicated signs of the next phase of the recovery. 

At present, Monero’s price is attempting to break out of the $170 and $180 resistance levels. If the bull continuously supports the price, it can probably break those resistance levels in the upcoming sessions.

At the time of writing, the XMR price is trading at $163.20 with an intraday incline of 1.81%. The 24-hour trading volume is 86.60 million.

According to the technical summary of the Monero crpto is showcasing a buy signal as out of 25 analysts 3 are on the sell side, 9 are on the neutral side and 13 are on the buying side. However, the maximum weightage is on the buy side. The technical summary demonstrates that buyers are dominating the trend. Most of the analysts are on the buying side and support the bullishness in the price.

Monero Price Technical Analysis

Monero price forecast is bullish for the both short term and the long term. The price structure of the chart had turned bullish and bulls looked more aggressive as compared to bears in the previous sessions. 

Till the XMR price sustains above the key EMAs, the bulls will continue their dominance. 

The price is showing bullish candles on the weekly time frame chart. However, it has been trading in consolidation for a long time. If bulls support the price and maintain the momentum, it might break the consolidation range in the upcoming days.

Summary

Monero price forecast supports the buyers and suggests that XMR crypto will perform well in the upcoming days. The XMR price is near the crucial resistance and bears are trying to give rejection from the upper trendline. However, buyers are more active and the probability of reaching the upper levels is high. The weekly chart indicates that the correction in this crypto is now over and the price might break the long consolidating in upcoming days.

Technical Levels

Resistance levels: $170 and $180.

Support levels: $140 and $150.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.