TL; DR Breakdown
- On the 24-hour time frame, the daily Monero price analysis indicates bulish sentiments.
- The daily range is from $244 to $251 daily.
- On the 1-hour chart, our MACD histogram displays short red bars.
XMR/USD picked off the five-day Litecoin price analysis chart while the bulls had taken control of the market. The coin traded in a rising wedge forming several triangles. XMR has recorded a 25 percent gain in the last week. On the 5-day price analysis chart, the green bars seem to be more than the red ones. This is a good indication that the XMR/USD market is trading in bullish momentum.
On the daily chart, the XMR/USD has formed a triangle descending channel, which has been developing since October. If we assume that this trend continues and we see a break into the upside of the channel’s resistance at $250, we can see another strong run-up in prices. At this point in time (and for quite some time now), there is simply too much uncertainty across the globe for solid investment decisions like these – so proceed with caution when investing in XMR or any other coin/asset. Don’t bet more than you are prepared to lose
Our outlook for Monero is negative, and we expect it to weaken further. We anticipate the decline to continue throughout the day, with a first bear target of $210 set. This is in case the buyers don’t consolidate enough power to withstand any future upside rejections.
Most of the digital assets are trading positively according to the daily price cryptocurrency heat map. The largest digital asset BTC is up by 2%, and it is currently trading at $43.2K while its closest competitor is also trading positively, recording a 6%price surge.
XMR/USD 4-hour chart: Will XMR rally?
XMR/USD Source: Tradingview
We have a bearish crossover on the MACD histogram, with short red bars on the 1-hour chart and merely a shift in color from short green bars. The majority of the bars are red, suggesting that the market is leaning toward the bears.
There are chances that the bearish momentum will extend into the upcoming session as the bulls got pulled way below the $240 by lots of points. We can hope for the technicals to prevent downsides in the coming hours, but the bearish momentum is still likely to hold the coin around the $250 mark.
Assuming that the price of XMR falls below $280, we should see it break even. Between $280 and $290 is where the break-even sellers are located. When our Relative strength index turns positive, buyers may swarm in at $275 to form a premium rally.
XMR/USD is close to the middle Bollinger band, pointing upwards in price action. A breakout beyond $285 could lead to a strong rally in the coming hours, with prices possibly breaching the upper Bollinger band.
The RSI points towards the overbought region, meaning that the buyers are likely to push the price past the day’s highs with the help of the $208.46 support.
Monero Price Analysis: Conclusion
There are many reasons why I feel that this crypto has the fundamentals to climb back towards $300, or potentially even higher. Please only invest what you can lose because this market goes up and down like a roller coaster, and we don’t want anyone to get burned on their first purchase! Good luck :).
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.