- Monero coin appears to be in a short-term accumulation phase near the $ 155 resistance.
- XMR Coin is looking above the red moving lines of the EMA Ribbon Indicator.
- The price of the Monero coin pairing with Bitcoin is up 5.7% at 0.007126 satoshis.
The Monero (XMR) token has outperformed over the past few weeks as the price has risen by over 50% so far. After reversing its 2022 low, XMR crypto against USDT displayed higher-low and higher-high formation during the daily price scale.
The price action of XMR Coin is forming a buyers’ hedge zone near the ascending trendline (bottom of chart). Amidst the uptrend, buyers formed a 40-day high at the $155 mark, where buyers struggled under this zone. Meanwhile, at the time of writing, the XMR token was trading at the $152 mark.
Buyers need to break this bullish barrier as soon as possible, more accumulation could favor a further pullback. Although buyers are barely managing higher XMR coin price, they seem to be closing out near the $150 to $155 resistance area.
Meanwhile, the market cap has risen 7% to $1.7 billion in the past 24 hours according to the CMC. Additionally, the price of the Monero coin pairing with Bitcoin is up 5.7% at 0.007126 satoshis. Furthermore, trading volume increased by 37% compared to the previous night, indicating more than average buying in the last 24-hours.
XMR Coin is in Bullish Trend in Higher Time Frame Window
After a long session of panic, the XMR price is looking above the red moving lines of the EMA Ribbon Indicator. Amidst the rally, the 200 day moving average of the indicator below is a major resistance for the bulls. Moreover, the RSI indicator appears bullish as its peak reverses near the half-line.
Conclusion
Monero (XMR) token will break its most recent bullish barrier at $155. And buyers need to break this bullish barrier as soon as possible, more accumulation could favor a further pullback.
Support level – $100 and $75
Resistance level – $160 and $200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
