- Monero Coin (XMR) again started forming a higher low with an increase of 4.3% in the last 24 hours.
- Bulls propelled XMR price above the red moving lines of the EMA Ribbon indicator.
- The correlation between Bitcoin and XMR appears to be weak, thus causing the pair to lose 3.3% in price.
Monero Coin (XMR) started moving higher in the lower time frame, with short-term investors making gains of almost 10% from its recent low of $141.6 to today’s high. This short-term higher momentum could yield a bullish rally if the bulls maintain the price above the previous swing low.
At the time of writing, the Monero coin is trading at the $154 mark against the USDT pair, as of press time. The 4-hours price chart is showing a buy on dip strategy, which could propel the price towards the next resistance area of $170 if the bulls manage to gain price above the previous swing high.
The Correlation between Bitcoin and XMR seems to be weak as the Correlation Coefficient indicator reaches a 0.39 Level, therefore, the price of the XMR/BTC pair is down 3.3% at 0.007474 Satoshis. However, altcoin seems to be sideways in a higher time frame and bulls have preserved themselves thrice near $141-support level in the last 20-days.
Meanwhile, the market cap of the Monero coin is up 4.3% in the last 24 hours recorded at $2.8 Billion as per CMC. resulting in, today Bulls propelled XMR price above red moving lines of EMA Ribbon indicator in the context of the daily price scale.
MFI and RSI Indicators Create Confusion Among Traders
On the weekly time frame, the MFI indicator is back to its halving point, and the RSI indicator is moving towards the 50-level. Both indicators cause a little confusion among traders. But on-balance-volume (OBV) hovers near its all-time highs.
Conclusion
On the weekly time frame, the price action shows a no-trading zone (sideways trend) for the past two weeks. In other words, the bulls make an aggressive oversight in the daily price scale as they attempt to close the daily price candle above the EMA Ribbon indicator.
Support levels – $140 and $100
Resistance level – $170 and $200
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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.