Monero Price Analysis- XMR Token Trading Inside A No-Trading Zone

  • XMR token shows a strong uptrend in the 4hr time frame
  • The XMR/BTC pair was trading at 0.007794 BTC with a gain of 3.58%
  • The 24 hr trading volume in XRC is $311.54Mn.

The XMR token has shown remarkable recovery daily, with more than 80% growth in 14days. In doing so, the price has reached an exciting level where we have two strong resistance level quite close to each other, $283 and $314, which are also the Fibonacci level of 0.618 and 0.5, as on Thursday price got rejected from $314 level and still inside $283 level.

The XRM faced strong resistance from the 50 EMA, and the price had to breach this line before moving any further. Speaking about the other vital EMA’s, the 20 EMA and 100 EMA are trading very near the price and will act as strong as the price moves higher. 

The MACD indicator gave a bullish crossover of the MACD line. The signal line gave a buy indication in the daily time frame, the histogram showing a rising green bar indicating the increasing bullish momentum.

XMR Token Shows A Strong Uptrend In A 4hr Time Frame

In the 4hr time frame, the XMR token has shown a strong uptrend as its trendline has been respected multiple times. Riding with the trend, we can see a substantial rise in the price once it gives a breakout from $314, which is also the R1 tradition pivot providing more edge for the investors after its breakout.

RSI is currently around 48, which is indicating neutral to slightly bearish momentum.

Conclusion: From the technical perspective, investors can see that price is trading between two substantial levels of $314 and $279. This range can be marked as a no-trading zone. Investors can enter once they get a breakout from the $314, providing them with an opportunity to gain a target of $366, almost 15%.

Support- $241

Resistance- $314

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