- Monero is reaching new bullish levels for the year with the new 52-week high of $138.00 amid price corrections in the overall market conditions
- The XMR/BTC pair, however, is facing a marginal loss of -0.23% bringing the current level to 0.01024662 BTC
The weekly chart highlights the volatile movements of Monero from the past week. As the inverse relationship between the price levels of XMR and overall market conditions playing out significantly, the cryptoasset faced huge negative momentum when the bullish sentiment was prevailing in the overall market conditions which helped Bitcoin to reclaim $13k and Ether to break above $400. On the downside, the price levels reached the major support level of $117.00 which prevented further downfall for the digital asset and also provided a positive push above $120.
As price correction activity continues to prevail in the current market conditions, XMR bulls grabbed the opportunity to reclaim the bullish mark of $130.00 again in the market. However, the positive momentum further moved onto creating a new 52-week high for the cryptoasset reaching around $138.00. The price levels got negative reversals from the price level which can be acting as a new resistance mark in the upcoming trading session.
The CMP is placed at $ 135.21 with an overall gain of 1.37% bringing the market capitalization to $2,398,510,119 with the 24-hour volume traded of $1,754,864,788.The negative momentum of XMR/BTC might be indicating that a price correction activity can be coming for the coin and bulls may make a comeback in the overall market conditions.
XMR Bulls Having The Support of Technical Levels
The technical chart highlights the bullish rally developed by Monero from the past month which has reached a new 52-week high of $137.29. The bulls beat the previous 52-week high of $133.00 which was reached a few days back and was acting as a new resistance level. The retracement table shows that the price levels are having major support which is placed at 0.236fib level ($117.00) which has prevented downfall for XMR multiple times.
The relative strength index (RSI) is sustaining bullish nature which is a positive sign for the cryptoasset. The current level stands at 65.61 and a move above 70 will provide more positive momentum.
The directional movement index (DMI) is also improving its levels as ADX(24.25) had a positive crossover with -DI (14.86)
The moving average convergence and divergence (MACD) levels are marching strongly positive with a bullish crossover.
Will XMR Break Above $140 In Coming Trading Sessions?
The current price levels have corrected back to $135 at the time of writing meaning the negative reversal provided by the new 52-week point is playing out in the market. Also, the negative momentum of XMR/BTC is indicating a coming price correction activity for the coin. If the bulls are able to sustain the price level above $130, they might be able to retest $140.
RESISTANCE LEVEL: $138.00 & $140.00
SUPPORT LEVEL: $130.00, $120.00 & $117.00
