XMR Price Analysis: The picture looks rosy for Monero 

•XMR/USD is currently priced at $130.19 and has increased by 2.90% over the past day 

•The technical indicators suggest a positive outlook for the near term 

•The trading volumes have decreased by 6.79% over the past day

Short Term View: XMR sees a bounce in prices

Source: XMR/USD by TradingView

The Monero price today is $130.19 USD with a 24-hour trading volume of $69,686,204 USD. Monero is up 2.90% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.02951 for the altcoin.


Monero Coin is preparing itself for a move to the upside as it trades above the 20,50 SMA on the four-hour chart. At the moment, buyers are able to organize deep corrections, and sellers are unable to aggressively update local laws. This trend is leading to a global market reversal. XMR price may likely see another sharp drop if the bulls fail to hold the support level placed at $125. On the other hand, if the bulls can hold the price and push it up above the upper boundary of the channel, the next key target resistance could be located at $140.

Long Term View for Monero

Source: XMR/USD by TradingView

Across the technical indicators for XMR, the MACD is currently positive as a bullish crossover occurred on the daily MACD chart which has resulted in the histograms turning green. Although the MACD and signal lines are transacting in the negative zone, the gap is widening between the two. The RSI is currently transacting at 43.20, showing a slight bullish bias across the daily charts as the indicator is moving upwards suggesting a rise in the buying activity.

Conclusion 

The market sentiment for Monero is bullish as the buyers have just defended the key support level. However, the continuation of the bullish trend hinges on a breach of these resistance levels across the multiple time frames.

Support: $125-$120

Resistance: $140-$150

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.