Monero Price Analysis: THORChain & XMR Coin Will Team Up For A Better Stability Of The Network

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  • XMR coin price bounced from $312.60 to $411.50 on Monday’s trading session
  • After positive crossover happened above the EMA, investors can observe price has given its first test on the EMA 
  • The XMR/BTC pair was trading at 0.007522 with a 6.15% increase

The 4-hour technical chart of the XMR price forecasts an uptrend. According to pivot points, XMR’s critical support level is placed at $312. Whereas if it moves up, the first target price to watch is $500. While diving into the weekly chart of a 4-hour time frame, it completes a pin bar candlestick pattern representing bulls are in control.

EMA- (20,50) acts as another strong support in the coin. EMA-20 (blue) flies above EMA-50 (purple), which projects a positive trend. The price intersects above both the EMA’s and has given its first test on the EMA. After two successful tests on the EMA, it is the right time to enter the trade with the ongoing trend.

RSI indicator (BULLISH), with a value of 65.10, indicates a buy signal in the coin. Moreover, Investors can see an upward slope from 44 to 65 in the index, which may surge in future trading sessions.

The volume of (1.38K) is above the Volume MA (1.34K) of 20-days. Moderate green volume bars can be observed above volume ma of 20-days to pull up the price. Buying pressure is maintained in Monero (XMR) to drive its price to higher levels.

THORChain Will Partner Up With Monero Soon

On the official twitter channel of Monero, the team announced that there is a partnership going to happen soon in the coming days with THORChain which is a cross-chain liquidity network.

XMR Price Gradually Moving Towards First Target Of $500

XMR price traded at $411.50 with a gain of 7.43% in the last 24-hour. Furthermore, XMR coin price bounced from the support of $312. In contrast, the market capitalization stands at $7.3 billion. Technically, investors can perceive a positive crossover in the EMA, and the price is above the 55-EMA. RSI index showcases an upward slope. Moreover, the price movement can be towards the target price of $500 in future trading sessions.

TP-1: $500

Support: $312

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