Monero Price Analysis: XMR Coin Price Consolidates After A Breakout Above The 100MA

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  • Monero coin price is seeing a consolidated momentum and can soon breakout for the new high. It can soon breakout above $300 in the future
  • XMR coin has seen a breakout above the 100MA which can push the price for a new high . Meanwhile, XMR/BTC pair has seen a gain of more than 1.1% in the intraday session

XMR coin price has observed a consolidated momentum on the daily chart but can soon revert to the uptrend. Monero token price has observed a gain of more than 2.2% and is trading near the value of $272. XMR coin price bullish momentum can observe a halt near the value of $350.  The bounceback region in the Monero can be seen near the value of $200. Monero price is currently trading above the 50 and 100 DMA, with an upcoming positive crossover in the future  The 100MA  line is near the value of $264, making it a temporary bounceback region for the price. The breakout above the 100MA can push the price to a new high. XMR/BTC is seeing a consolidated momentum but can soon jump to a new high. One can invest in Monero after a positive confirmation in price action.

Monero token is ranked 27th in the CMC and has a market dominance of more than 0.05%. The volume of XMR along with the market cap has seen a rise in the past few days. Volume to market cap ratio for the token is near 0.04 suggesting a strong upside momentum.

XMR Coin Price Technical Indictaros Suggests Consolidated Momentum

Source: Trading view

XMR coin price has formed bullish engulfing pattern on the weekly chart suggesting a strong uptrend in price.  The coin has see a gain of more than 6% on the weekly technical chart . The daily chart of the Monero highlights a consolidated momentum for a while.. If the price of the Monero jumps above $300 then one can observe a strong upside momentum. One can invest in the XMR according to their risk capacity

CONCLUSION

XMR coin price is currently in a consolidation but can soon revert to the uptrend. It has a very high ROI which has differentiated from other projects. XMR/BTC pair can also see a strong upside trend . One should do their strong due diligence before investing in XMR

TECHNICAL LEVELS

Major Resistance:$350

Major Support:$200

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