Monero Price Analysis: XMR Coin Price Looking To Break Above $280

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  • Monero coin price is currently seeing a weak uptrend on the daily chart. It can soon break above the resistance of $280
  • Technical indicators of Monero price hints at a bullish trend for upcoming weeks. Meanwhile, XMR/BTC pair is observing a loss of 0.23% in the intraday session

XMR coin price is currently observing an uptrend with a low strength and is trading near the value of $215. It has seen a gain of more than 3.66% in the intraday session. Resistance for Monero price on the upside can be found near the value of $240.  The support region for the coin on the downside can be seen near $190. Monero price is currently trading below the 50 and 100 Daily Moving Average. The 100MA (Blue) line is near the value of $254, making it a temporary hostile region for the price. The weak bullish momentum of the XMR coin price can strengthen in the upcoming days . XMR/BTC is observing a weak downtrend and this may continue in this pair for sometime.

Monero token has a market capitalization of more than $3,867,592,599 and is ranked 26th in the CMC. The volume of XMR has seen a loss of 18.6% in the intraday session. Volume to market cap ratio for the asset price suggests a bullish momentum for Monero.

Technical Indicator Suggests Bullish Momentum For XMR Coin Price

Source: Trading view

Monero price highlights a weak bullish momentum on the weekly technical chart.  The coin has gained around 0.5% in the weekly time frame. The daily chart suggests a bullish momentum in price for upcoming days. XMR coin  price is currently in a consolidation phase but can soon revert back to the bullish momentum. If price jumps above $280, then a strong bull trend in the price can be seen. One should wait for further momentum before investing in Monero.

The volume indicator of the coin is near 53K with a buying momentum in price. If the price jumps above $280, then one can see a strong buying volume..

CONCLUSION

XMR coin price has given great returns to the investors in the past and can do the same in future. It has a very high ROI which has always benefited the investors. XMR/BTC pair can also see a strong uptrend in the future. One should do their due diligence before investing in Monero.

TECHNICAL LEVELS

Major Resistance:$240

Major Support:$190

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