Monero Price Analysis: XMR Coin Price Is Ready To Break Above The 100 MA Resistance

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  • Monero coin price is currently seeing a strong upside momentum which can lead it to a new high. It is trading with a gain of more than 3% in the intraday session
  • XMR coin technical indicators hints towards an upcoming bull rally for the price. Meanwhile, XMR/BTC pair has seen a loss of more than 1.8%

XMR coin price is currently seeking to break past the barrier of $300 and reach a new high . Monero price has seen a gain of more than 2% and is trading near the value of $242. XMR coin price while being on an uptrend may face a hostility near the value of .$280.  The support region in Monero while going upwards can be seen near $200.  Monero price is currently trading below the 50MA and 100 MA and can soon give a breakout above it. The 100MA  line is near the value of $247, making it a hostile region for the asset price. The breakout of the price above the 100MA can give a push to the price required to reach a new high. XMR/BTC can also observe a new high being formed in the future. One can invest in Monero as per the price action and risk adversity.

Monero market dominance and the market cap is seeing a recovery after a significant drop. The volume of the XMR has also seen a surge which can push the price to a new high. Volume to market cap ratio for the Monero hints towards an uptrend in price for the future.

XMR Coin Price May Soon Rally To The Moon

Source: Trading view

XMR coin price is currently observing a consolidated trend on the weekly chart.  The coin price is currently looking to give a positive breakout for a new high in the price . The daily chart of the Monero hints towards a consolidated momentum in price.  If the price of the Monero jumps above $300 then a strong bullish trend can be seen. One can invest in XMR as per their needs and risk adversity.

CONCLUSION

XMR coin price is currently seeing a consolidated momentum but can soon breakout to a new high . XMR/BTC pair can also see a strong upside momentum in future. One should do their due diligence before investing in XMR

TECHNICAL LEVELS

Major Resistance:$300

Major Support:$200

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