Monero [XMR/USD] Technical Analysis: Price drawing closer to crucial resistance as bulls look to get in

Monero [XMR] has been experiencing a sideways movement, going along with the sentiment of the rest of the cryptocurrency market. However, it seems to be drawing closer to one of the crucial resistances that it has held since the long term.

1 hour:

There is an uptrend visible from $101.2 – $105, with a downtrend from $110.5 – $105.8. Resistance levels are set at $111.8 and $117.5, and support lines are visible at $104.4 and $101.

The RSI is tending towards oversold zone and may present a buying opportunity.

The RVGI is demonstrating a bullish crossover recently.

The Parabolic SAR is showing a bearish signal, as seen by the presence of the dots below the candlesticks.

1 day:

The long-term outlook for Monero shows a support uptrend from the $101.7 – $104.9. There is also a dominant downtrend from May reflected in price movement from $292.7 – $110.1. Resistances are set at $167.2 and $137.8, with a long-term support holding the price above the $99.6 mark.

The MACD is set for a bearish crossover, as the line seems to be heading downwards and crossing over the signal.

The Awesome Oscillator is bullish, as seen by the red spikes on the indicator.

Conclusion:

The meeting of the price line to the $100 resistance level might trigger a bullish break upwards. This could provide a break from the sideways movement enforced upon the market.


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Anirudh VK


Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.


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