MONERO Price Analysis: XMR Token Price Breaks Key Resistance Level Of $300

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  • The XMR token breaks above the $300 mark and may soon rise higher.
  • XMR moves above the parabolic SAR, indicating an uptrend.
  • The XMR/BTC pair is trading at 0.006088 BTC with an intraday down move of +12.73%. 

The XMR crypto price is rising after breaking a critical resistance level in the daily chart and seeing a solid bull run soon. Monero price has observed a 1.29% gain in the past 24 hours and is trading near the value of $302. 

In the past few days, the growth in overall buying pressure casts a strong uptrend possibility that may help the prices sustain above $300. Thus, investors may find a sweet entry with low risk at the retest of $300.

As per the daily timeframe, the coin price trades above all the significant EMAs – 20, 50, 100, 200 with a significant gap. Moreover, the EMAs are rising higher and may soon attain bullish alignment.

The intraday trading volume of XMR has increased 1.02% in the last 24 hours, representing a slight rise in the buyer’s interests as the price breaks above the critical resistance level.

 XMR Token Price Ready For Bullish Rally

The 4-hour technical chart of Monero price highlights a solid bullish momentum for upcoming trading sessions. XMR price is currently trading above all the crucial Exponential Moving Averages, which may support the prices in case of a reversal. Furthermore, the retracement of prices near the 20-EMA can push the price to a new high and act as an entry spot for investors. 

The bullish momentum of XMR price can see a hostility around $350 and $400. In contrast, on the downside, the bounceback can be seen near $250. If the price jumps above $350, then a solid bullish trend can be observed. 

RSI indicates a rise underlying bullishness as the slope of RSI approaches the overbought zone.

ADX indicators project a rise in the trend momentum.

Conclusion – XMR Token price may soon sustain above the $300 mark, and the trend may show some rally as the level is a high volume area. Moreover, the retest may act as an entry spot for various bullish traders and investors.

Support – $250 and $200

Resistance– $350 and $400

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