- Monero (XMR) token is moving towards a key resistance level of $200.
- XMR coin is approaching the 100-day moving average as a recent bullish hurdle.
- The price of Monero pairing with Bitcoin is 2.4% green at 0.006847 satoshis.
Monero (XMR) coin has retraced its price from the $114 mark to the $165 level in a 30-day context. Altcoins are registering an incredible rally as buyers accumulate price in each short drop, so everyone sees buying in the dip market.
According to historical data from XMR, it is seen as a favorable asset to follow a buying strategy on the dip. Meanwhile, the XMR cryptocurrency remained above an ascending trend line during the daily price chart. Last week, buyers struggled with a retracement phase below the 100-day EMA.
In the last five days, there is only one bullish candle with 4 bearish candles on the daily price scale. Thus at the time of writing the Monero coin is trading at the $156 mark. Moreover, the altcoin is moving towards the key resistance level of $200 where buyers need to hold a higher zone near this level.
Last week, buyers saw long-legged Doji candles on the weekly time frame window. Thus, the market cap of the Monero coin reached above $2.8 billion in the midst of an uptrend. Furthermore, the price of bitcoin pairing with bitcoin is 2.4% green at 0.006847 satoshis.
The 100 DMA Has a Key Resistance
In terms of the daily price scale, the XMR crypto is trading above the 20 and 50 day moving averages. Although, the 100 DMA stood to be an immediate bullish hurdle.
The RSI indicator suggests a slight bearish sign as the altcoin price struggles near 100 DMA.
Conclusion
Although the Monero (XMR) coin sees a retracement phase near the 100 day moving average. Then too, there is the Buying On Dip Market for altcoin investors. And buyers are aiming to hit the $200 mark in August.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.