XMR Price Analysis: Monero Coin About to Escape Triangular Pattern

Fibo Quantum

  • Monero coin price is trading under the bullish chart pattern (ascending triangle pattern) and is about to break its higher range.
  • The coin is trading on the bearish note over the medium-term chart as it slipped below all vital moving averages of 20, 50, 100, and 200-Day line.
  • The pair of XMR/BTC is at 0.006448 BTC (+2.28%), and the ratio of XMR/ETH is also trading positively at 0.09498 ETH by intraday gains of +2.10% 
Source:tradingview

Monero coin is trading under the rising or ascending triangle pattern and at the same time facing the resistance of the 20-SMA line. The coin is on the urge of a breakout from the triangular pattern and above the 20-DMA line (red). Once the breakout or closing above both triggers is seen in the upcoming trading session, good follow-up buying is expected. Volume is the major thing to watch as it falls below the average line and needs to improve in the upcoming trading sessions. Support on the lower side is at $200 and $180, whereas the higher side’s resistance is at $288 and $330. 

Monero Coin is trading Under Ascending Triangle Pattern

Source:tradingview

Over the 4-hour time frame, the Monero coin is also trading under the bullish chart pattern of ascending triangle pattern. In contrast, the coin faces a hurdle of level $232 and takes a bounce off the rising trend line. In contrast, the volume is not supportive of positive momentum and needs to improve in upcoming trading sessions. Presently the coin is trading at $222 with an intraday gain of +4.40%, and the volume to market cap ratio is at 0.05343.

Relative Strength Index (NEUTRAL): Monero coin RSI is projecting a sideways or neutral trend over the weekly chart. In contrast, the RSI is heading flat around the overbought zone after a healthy rally from lower levels CMP 56.    

Moving Average Convergence Divergence (MIXED) currently indicates a mixed trend on the daily chart. This is because the buyer’s signal line (green) and the seller’s line (red) overlap. 

Support levels: $200 and $180

Resistance levels: $288 and $330. 

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