Home Monero Monero price analysis: XMR Coin Price Consolidates Longer In The Daily Chart – Cryptocurrency News – The Market Periodical

Monero price analysis: XMR Coin Price Consolidates Longer In The Daily Chart – Cryptocurrency News – The Market Periodical

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  • The XMR coin chart shows a long consolidation period in the daily chart.
  • The XMR/BTC pair trades at 0.004113 BTC with a fall of 3.08%.
  • The 24 hr volume for XMR coins is $361 Million, indicating a 4.56% fall.

The XMR coin price action makes an excellent long consolidation range in the daily chart. As a result, the price action gives a superb entry opportunity that awaits the breakout of either side. Hence, traders need to keep an eye on the price chart for a breakout.

The XMR price shows a slightly bullish trend, with its price trading higher than a few crucial EMAs 100 and 200. Moreover, the coin chart shows a bullish alignment of the crucial EMAs which can support the prices during the downfall.

The coin price shows lower price rejection; however, the pivot points indicate support levels at the $220 and $180 mark if the price retraces back. Moreover, on the flip side, the resistance levels are at $320 and $375.

The XMR Coin In The 4hr Time Frame Chart

As mentioned above, the XMR coin price is within a consolidation range in a sideways trend. However, the recent bearish candlestick formation indicates a reversal in the coin price from the range’s resistance. Hence, the underlying selling pressure is increasing.

At press time, the coin price is $266, with a downfall of 6.56% in the past 24 hours. Moreover, the intraday trading volume of Monero has fallen by 5%. 

The RSI indicator signifies neutrality in the price trend as the slope moves close to the central line. The slope and price action are not divergent. The indicator, therefore, gives a neutral signal.

MACD indicators indicate that the MACD line and the signal line are moving sideways in the daily frame. These lines are also intermingled. Thus, it creates a neutral signal.

Conclusion: From a technical perspective, the XMR coin shows an impressive consolidation range forming in the daily chart. And as mentioned, the breakout of either side will give an excellent entry opportunity.

Support – $220 and $180

Resistance – $320 and $375

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