Monero Coin Sees A 6% Rally Before Hitting The Next Bear Cycle
The Monero coin rising for three consecutive days, registered a 5% price rally. This bullish rally, backed by increasing volume activity, indicates the buyers are confident about gaining higher levels. With sustained buying, the altcoin should jump 6% to hit the $153 resistance. Can buyers breach this resistance zone, or there’s more for price correction?
Key points:
- The falling channel pattern carries the ongoing downfall in the XMR coin
- The long-wick rejection at $170 indicates strong supply pressure
- The intraday trading volume in Monero coin is $111.5 Million, indicating a 65.5% hike.
Source- Tradingview
The Monero coin correction phase has halted at the $134.5 mark. The altcoin has bounced back from this support twice since last month, indicating that traders are actively buying at this dip. However, as the crypto market is still struggling with uncertainty, the coin price fails to rise above $151.8.
Furthermore, a set of lower highs and lower lows in the daily chart shows a parallel channel pattern formation. Though the pattern is leading to a steady downtrend, its true nature is to continue the prevailing bull run.
As of now, the Monero coin price trades at $147.9 with an intraday jump of 2.92%. Furthermore, a steady rise in volume activity indicates a sustained bullish rally, which should push the prices back to $152-$153 resistance.
The patterns resistance trendline resides at the aforementioned level, which should provide additional barriers against buyers. Thus, a possible reversal from this combined resistance will trigger a new bear cycle within this pattern.
However, in response to the channel pattern, the Monero coin should eventually breach the overhead trendline. Doing so will offer traders a long entry opportunity and a potential target of $171 mark.
Technical analysis
Bollinger band: the coin price jump above the midline indicates the buyers are majorly influencing the ongoing price action. This development bolsters a bullish rally to $153 resistance.
MACD: a bullish crossover between the MACD and signal line gives additional confirmation for recovery theory.
Monero Coin Price Intraday Levels
- Spot rate: $147.9
- Trend: Bullish
- Volatility: Low
- Resistance levels- $152, and $162
- Support levels- $134 and $123
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