Home Monero Monero Price Analysis: XMR Coin Displays A Double top Pattern In The Daily Time Frame Chart – Cryptocurrency News – The Market Periodical

Monero Price Analysis: XMR Coin Displays A Double top Pattern In The Daily Time Frame Chart – Cryptocurrency News – The Market Periodical

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  • The XMR coin price reclaims the 50-day EMA
  • The XMR/BTC pair was trading at 0.00004334 BTC with a gain of 1.17 %
  • The 24-hour trading volume in the XMR coin is $195.7 Million, indicating a 21.03%

The October month has been a range bound trend for the XMR traders. The coin price entered this month, with the price sustaining above the $250 resistance. Later the coin price tried to rally ahead but rejected the strong resistance at the $290 mark. After which, the coin plunged back to the $250 support and bounced back from it to rechallenge the overhead resistance. However, the price failed again to pass the $290 resistance.

As per the crucial EMA’s, XMR price is trading higher than the 20, 50,100, and 200 EMA, indicating an uptrend is still intact.

The RSI (BEARISH) value is at 49, indicating a bearish to neutral sentiment in the coin. 

XMR Coin Crypto Chart In The 4-hour Time Frame

The XMR coin displayaed the formation of a double top pattern in its technical chart. The crucial support for this pattern was at the $250 mark, and the crypto traders can grab an excellent short opportunity for them once the price gives a proper breakdown from the bottom support neckline.

The current price of the XMR coin is $266.8, with an intraday gain of 0.82%

The super trend indicator projects a downtrend for the XMR coin in this lower time frame chart.

The moving average convergence/divergence indicator (BEARISH) shows that both the MACD line and signal lines are moving above the neutral zone (0.00), indicating the bearish sentiment in the XMR coin. 

Conclusion: From a technical perspective, the XMR coin has not indicated a proper trend yet. However, till then, the crypto trader can take some quick sniper trades in this coin, just like the bearish pattern mentioned above.

Support– $250, $219

Resistance– $290, 370

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