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Monero [XMR/USD] Technical Analysis: The Bull will continue to rule the market

Priya

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Monero [XMR/USD] Technical Analysis: Bull will continue to rule the market
Source: Unsplash

Monero, the tenth-biggest cryptocurrency in the market, saw a sudden surge in the market yesterday. The coin continued to glow green even today, showing rays of hopes that the coin might be back in the bull’s kingdom.

According to CoinMarketCap, at press time, the cryptocurrency was trading $111.16 with a market cap of over $1 billion. The coin was trading at the eleventh position and had seen a surge of 8% in the past seven days.

1-hour:

1-hour price chart | Source: Trading View

1-hour price chart | Source: Trading View

The one-hour chart shows that there is an immediate resistance $113.75. If this resistance was to be broken, then the next resistance is at the $117.57 level. However, if the coin was to return to the bear’s realm, there is a immediate support for the coin at $105.96. The next support for the coin is at $103.08 with a strong support set at $100.94.

The Parabolic SAR was showing a bullish trend as the dots had started to align below the candlesticks.

Chaikin Money Flow showed that it was on the bear’s side of the market, as the money was flowing out of the market.

Bollinger Bands were contracting in the market, indicating less volatility for the coin in the cryptocurrency market.

1-day:

1-day Price Chart | Source: Trading View

1-day Price Chart | Source: Trading View

In the one-day chart, the cryptocurrency has an immediate resistance at $137.91. If this level is breached by the coin, then it will have to confront the resistance level at $115.26. There is also a strong resistance for the coin at $292.91. The coin has an immediate support at $100.60 ground and a strong support at $83.23.

The RSI indicator depicted that the buying pressure and the selling pressure of the coin are currently stabilized, post recovering from a strong buying pressure.

MACD indicator showed that they like the bull’s realm more than the bear’s as the reading line had crossed over the signal line.

The Klinger Oscillator was also nodding to MACD’s statement, as it was also showing a bullish trend, with the reading line staying above the signal line.

Conclusion

The coin shows that it is going to continue to stay in the bull’s realm as the Parabolic SAR, MACD and the Klinger Oscillator was showing a bullish wave in the market. Only CMF showed that it preferred the bear’s realm.




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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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