- Monero coin looks bullish above the upward trendline.
- Amid the recovery, buyers have been receiving rejections near the $135 mark for the past few days.
- The price of Monero pairing with Bitcoin is trading up 2.2% at 0.006426 satoshis.
Monero coin seems to be in a bullish trend after retreating from its 90-day low. Now buyers are taking interest to push the price of XMR higher and the price action shows a high-low pattern of each decline.
Price action shows an uptrend while buyers manage the altcoin above the ascending trendline. Amidst the bullish momentum, the bulls are looking exhausted near the most recent resistance at $135, where there are several attempts by the bulls.
During the uptrend, buyers reclaimed above the 70-day control point (POC) according to the VRVP indicator. Thus, the bulls are struggling near the immediate resistance while the price is trading at the $133.6 mark at the time of writing.
This month, the bulls are celebrating the rally where the price is up 18.4%. Meanwhile, the market cap is up 7.3% in the green zone to $2.4 billion, according to data for the last 24 hours from CMC. Furthermore, the price of Monero pairing with Bitcoin is trading up 2.2% at 0.006426 satoshis.
The trading volume is gradually decreasing relative to the uptrend. Low volatility amid uptrends could affect further growth.
20 DMA is Below the Current Price
During the daily price chart, buyers take support at the 20-day moving average (white). Now the price is moving towards the 50 DMA. The remaining 100 and 200 DMAs are also well above the current XMR price.
Stoch RSI has been seen in the overbought zone for the past several days.
Conclusion
Monero (XMR) coin is looking inside 20 DMA and 50 DMA. However, XMR Coin is trading above the upward trend line. But above this immediate bullish barrier, buyers may see further growth.
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 they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.