Monero Price Analysis: XMR observes inside the previous candle,  buy or deny?

  • Monero coin is struggling to move above the 20-day exponential moving average in terms of the daily price chart.
  • Traders have noticed a 43% drop in trading volume for XMR Coin in the last 24 hours.
  • The Monero coin belonging to the bitcoin pair is trading at 0.004933 satoshis, up a little over 3.15%.

Monero (XMR) has rotated from its $283-ceiling after a 6-week up-channel (White). With two bear moves in the last four weeks, increased selling pressure has dragged Alt to its February lows till May 10.

XMR in the 4-hours chart

Source: XMR/USDT by Tradingview 

Monero coin is forming a higher-highs on the 4-hours price chart with a gain of over 30% over the past two days since the weekly low at $119. On Thursday XMR Coin price action recorded a long-legged Doji candle on a daily basis, since then, the daily price is showing inside it.

For the past two days, XMR investors have been struggling to close the daily price candles above the $150 mark, which is the most recent bullish hurdle. Similarly, in the intraday trading session, XMR is trading at the 144 mark with a neutral change in momentum.

As we can see in the chart, the Monero coin is struggling to move above the 20-day exponential moving average (green). EMA above 20 could take the bulls above the previous swing high of $160 (resistance area). However, according to CMC, the market cap is present at $2.6 billion in the last 24 hours, with a slight decline of 1.6%.

Meanwhile, the Monero coin belonging to the bitcoin pair is trading at 0.004933 satoshis, up slightly over 3.15% after traders noticed a 43% drop in trading volume for the XMR coin over the past 24 hours.

Monero on the daily price graph

https://www.thecoinrepublic.com/
Source: XMR/USDT by Tradingview 

The RSI indicator is still showing weakness for the Solana coin in terms of the daily price chart. A reliable move occurs above the semi-line (50 mark), which is why the RSI has noted a triple button below it.

Conclusion 

Monero currency is now trading in a dangerous position, thus traders should avoid it until the directional trend is established. While its technicals were mixed, the bulls needed to fill the deficit in buying volume in order to bridge the gap to a bull surge.

Support levels – $120 and $100

Resistance level – $160 and $200

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

ALSO READ: FTX CEO Sam Bankman-Fried: Algorithmic Stablecoins Should Be Called Something Else

Steve Anderrson
Latest posts by Steve Anderrson (see all)

Be the first to comment

Leave a Reply

Your email address will not be published.


*