The market is rallying and so are many of the altcoins. Even though Monero is no longer among the major altcoins, it has been witnessing a similar rally as other altcoins. Over the past couple of days, XMR’s value has been surging and at the time of writing, the digital asset was being traded at $232.94.
Monero six-hour chart
Source: XMRUSD on TradingView
The above chart of Monero showed that the value of the cryptocurrency was surging higher almost every day over the past week. Monero cleared levels of resistances to reach a high value but was currently seen consolidating. The immediate support it currently has is at $223.47.
Reasoning
Monero’s value shows a steep rise over the past couple of days. This has put the digital asset in extremely bullish territory. The bullishness has been long extended in the market, however, the price has not yet corrected itself. Currently, as the consolidation continues, the price may witness a selling pressure which may push it under the support at $223.
The relative strength indicator showed that the digital asset has been largely overbought. It has remained in the overbought zone since 9 Feb and the sellers may take over the market if a price correction were to take place.
Meanwhile, the momentum appeared high as the awesome oscillator indicator showing strong, growing, green bars in the Monero market.
Crucial levels
Entry-level: $232.40
Stop-level: $247.38
Take Profit: $207.88
Risk to Reward: 1.64
Conclusion
Monero was currently undergoing a consolidation phase and its price may witness a correction in the coming days. The price may slip under $223 and the traders can take profit at $207. The next level of support for the digital asset was visible at $197.