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29 March 2024
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Monero Price Analysis: XMR Still Trying to Find its Way Back Inside the Rising Channel!

  • Monero price has fallen below the rising parallel channel over the daily price chart.
  • XMR crypto is trading below 20, 50, 100 and 200-days Daily Moving Average.
  • The pair of XMR/BTC is at 0.007362 BTC with an intraday drop of 0.77%.

On the daily price chart for Monero, the price is attempting to climb via an upward channel. The coin is currently moving upward as it gets closer to the channel’s upper trendline. The XMR currency must continue moving upward in order to bounce back and overcome a decent resistance level. In order for the token to be able to escape the ascending parallel channel with a potent bullish surge, the upward momentum must be maintained by XMR bulls. Bears are trying to short the XMR market, though. In a sluggish market, it is difficult for cryptocurrencies like XMR to recover. Investors in XMR must hold off until bulls retain their position at the rising parallel channel’s top trendline.

Currently valued at $141.83, Monero has increased by 2.50% of its market value during the past day. The intraday trading session saw a 23.33% decline in trade volume. Bears are aiming to pull the token back towards the bottom trendline of the ascending channel. Volume to market cap ratio is 0.03211.

For the price of the XMR currency to get any closer to the channel’s top trendline, further purchases are necessary. Volume shift, however, indicates that strengthening the accumulation of bulls is necessary for XMR to increase. To show its recovery phase on the daily price chart, the price of the XMR currency must rise toward the upper trendline.

What do Technical Indicators suggest about XMR?

Source: XMR/USD by TradingView

The XMR cryptocurrency’s daily price chart displays a rising parallel channel in an effort to signal its comeback. Technical indicators show the momentum of the XMR cryptocurrency’s decline.

The relative strength index highlights the XMR cryptocurrency’s upward momentum. At 42, the RSI is moving in the direction of neutrality. The XMR coin’s decline momentum is visible on MACD. After a negative crossover, the MACD line is lower than the signal line. Investors in XMR must watch the daily chart for any directional changes.

Conclusion

On the daily price chart for Monero, the price is attempting to climb via an upward channel. The coin is currently moving upward as it gets closer to the channel’s upper trendline. The XMR currency must continue moving upward in order to bounce back and overcome a decent resistance level. In order for the token to be able to escape the ascending parallel channel with a potent bullish surge, the upward momentum must be maintained by XMR bulls. To show its recovery phase on the daily price chart, the price of the XMR currency must rise toward the upper trendline. Technical indicators show the momentum of the XMR cryptocurrency’s decline. Investors in XMR must watch the daily chart for any directional changes.

Technical Levels

Support Level: $135.00 and $132.00

Resistance Level: $150.00 and $165.00

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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