NewsletterXMR Price Analysis: $152 Flipped Support Encourages an 11% Price Jump
The XMR price maintains a bullish trend within a rising channel pattern after the positive turnaround from the psychological mark of $100. However, as the selling pressure grows above the $150 mark, the possibility of a correction increases, teasing a potential bearish breakout. Should you trust the prevailing trend, or will the correcting market affect the Monero price trend?
Key points:
- The bullish crossover of the 20 and 50-day EMA reflects an increase in underlying bullishness
- The Lower price rejection in the daily candle reflects a bullish attempt to avoid a downtrend continuation.
- The intraday trading volume in Monero (XMR) coin is $120 Million, indicating a 1.06% hike.
Source- Tradingview
The XMR/USDT technical chart shows a bullish turnaround from the psychological mark of $100 on June 15th. Currently, the bull run accounts for a price jump of 52% as it trades near the 100-day EMA above $150.
Furthermore, the XMR price shows a rising channel pattern in the daily chart teasing a bullish trend continuation. Anyhow, a bearish reversal from the resistance trendline takes immediate support of $152, offering a suitable footing for further rally.
Adding points to the bullish recovery thesis, the lower price rejection in the daily candle projects have a high likelihood of an uptrend continuation. If the bullish trend sustains within the price pattern, traders can expect the XMR price to reach the 200-day EMA at $175.
Conversely, the traders hoping for a downtrend to the support trendline must wait for the daily candle closing price to breach the $152 mark. Moreover, as the overall market corrects, a downtrend below the $152 mark will attempt to take support at the ascending trendline near $145.
Technical analysis
RSI indicator: The daily RSI slope shows a slowing bullish momentum in the uptrend as it takes a lateral shift in the nearly overbought zone. Hence the technical indicator reflects a possibility of consolidation above the $150 mark.
DMI indicator: the DMI lines maintain a downward trend despite a bullish alignment projecting a possibility of a bearish crossover. Moreover, the ADX line mimics the downtrend reflecting a fall in the trend momentum.
- Resistance levels- $175 and $200
- Support levels- $152 and $133.7
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