Monero Price Analysis: XMR Coin V-Shaped Recovery

The general trend of the Monero coin is still sideways. The recent correction in its price caused a 40% decrease in the price to place it at a support of $ 180. Currently, the price shows an impressive recovery, which could rise again to $ 320 after breaking the intermediate hurdle of $ 250 .

Monero key technical figures

The bulls of the XMR coin recovered the crucial EMAs (20, 50, 100 and 200). Intraday trading volume in the XMR coin is $ 227 million, indicating a loss of 8%.

Source- Tradingview

Previously, when we covered an article on Monero, the coin followed a descending parallel channel pattern, leading its retracement phase. On December 23, the price made a decisive leap from the resistance trend line, providing an entry opportunity for long traders.

Furthermore, the pattern breakout also propelled the price to break above the $ 220 horizontal level and continue to navigate higher.

Although the sideways price action has caused the longer EMAs (100 and 200) to flatten out, the recent recovery has crossed above these EMA levels, indicating an uptrend. Also, the 20 EMA dynamic resistance turns into potential support.

A surprising growth in the Relative Strength Index (70) projects the increasing strength of the market bulls.

XMR Coin challenges the $ 250 resistance level

Monero Price Analysis: XMR Coin V-Shaped Recovery - Walks Toward $ 320 MarkSource- Tradingview

This lower time frame chart shows a rounded bottom structure, which has brought the XMR coin to the $ 248 mark. From the lower support of $ 180, the coin has risen 40% and is now facing another crucial resistance from $. 250. Once the price provides a proper breakout and sustainability above this resistance, the coin has a better chance of hitting the $ 300 or $ 320 mark.

In case the price is rejected by the overhead resistance, the price would show a bearish reversal and return to the lower levels. However, cryptocurrency traders can still maintain a bullish sentiment until the price sustains above $ 1.74.

The Moving Average Convergence Divergence Indicator indicates bullish momentum for this coin as both the MACD and the signal line approach higher levels.

Disclaimer

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.

About the Author

Since the last 5 years I have worked in Journalism. I follow Blockchain and Cryptocurrencies from the last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Talk to me at brian (at) coingape.com

Monero Price Analysis V shaped Recovery In XMR CoinMonero Price Analysis V shaped Recovery In XMR Coin

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Monero Price Analysis: XMR Coin V-Shaped Recovery

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