- XMR Price trading near 50 day ema and 200 day ema
- Short term bottom created at $100
XMR price had been trading with the mild bearish cues and had tried multiple times to trade above 50 day ema(pink) but got rejection from the higher levels. Recently, from the past couple of days bulls succeeded to breakout 50 day ema(pink) and struggling to sustain above it, shows buyers confidence on lower levels. Minor correction will be used as a buying opportunity till the range mentioned below is sustained.
Short term bottom created or not ?
On a weekly time frame, XMR prices look quite stable and performed very well as compared to its peers.In february 2022, XMR took support near $132 and bulls succeeded to push the price higher above $200 and hit a high at $289 . Later the trend reversed in the favor of bears and prices lost all their previous gains and down by almost 65% from the yearly highs. In the end of June, prices took support at $100 and found some stability in prices. In the last 6 months bulls succeeded to defend the $100 low and kept the prices in the range between $100 to $177.
Will the XMR breakout $177 ?
On a daily time frame, XMR price had shown huge consolidation in the range between $120 to $160 and likely to break out in the next year 2023. XMR price had tried multiple times to trade above 50 day ema (pink) but due to sellers dominance bulls were unable to sustain higher levels. As of now prices were trading in between 50 day ema (pink) and 200 day (green) and likely to see expansion in coming weeks.
The 200 day ema (sloping) sideways will act as an immediate hurdle for bulls followed by the next barrier at $177. The MACD is trading above the zero line indicates bullishness on a positional basis but recently MACD generated negative crossover which may create trouble for buyers in coming days. The RSI at 45 sloping down denotes price may witness minor selloff from the current levels.
Summary
After analyzing the weekly and daily chart, We may say that XMR prices are trading sideways in the wide range between $100 to $177 and if the bull succeeds to breakout $177 in coming weeks we may see XMR above $200 very soon. On the lower side $100 will act as a savior for bulls and if price slips below $100 bears may drag the price further down towards $80 and below.
Technical levels
Resistance levels : $177.00 and $200.00
Support levels : $120.00 and $100.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/25/xmr-price-prediction-will-xmr-trade-above-200-in-2023/