Home Monero Monero Price Analysis: XMR recovers sharply, $200 seems to be a major bear’s zone

Monero Price Analysis: XMR recovers sharply, $200 seems to be a major bear’s zone

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Monero Price Analysis: XMR recovers sharply, $200 seems to be a major bear’s zone


  • Facing a retracement phase in an intraday trading session, Monero coin is looking inside the May 31 candlestick.
  • The daily price chart of XMR hit the upper boundary of the Bollinger Bands indicator before moving lower.
  • Monero price in line with the bitcoin pair is trading up 3.4% at 0.006501 satoshis.

Monero coin appears to be bearish as price action inside the May 31 candlestick. However, XMR coin is moving higher with a higher-high formation on the daily price chart.

On May 12,  Monero (XMR) Coin showed a reversal of the trend  by forming a long-legged Doji candle near the coin’s 60-day lows. Meanwhile, the number of investors  there has increased by almost 75% in less than a month.

On the weekly chart, buyers are targeting a break above the previous swing high of last week where the candlestick showed a long-legged Doji candle. Thus, at the time of writing, the Monero (XMR) coin is trading at the $194 mark.

The $200 conceptual round turned into a resistance level. Meanwhile, the market cap stands at $3.5 billion, down 2.1%, according to data from CMC over the past 24 hours. Furthermore, Monero price is up 3.4% at 0.006501 satoshis, corresponding to the bitcoin pair.

The daily price of XMR hit the upper boundary of the Bollinger Bands indicator before moving lower on the chart. Meanwhile, the semi-line of the BB indicator could be the next support level for Monero coin.

Last night trading volume seemed neutral at $230 million, indicating less volatility in the altcoin price.

RSI is going to reflects double top formation 

On the daily price chart, the RSI indicator is looking above the semi-line (50 points). But again the RSI peak is going to reach the 50 mark again by forming a double top formation.

Furthermore, ADX is showing weak strength in the bullish momentum of the Monero (XMR) token.

Conclusion

However, ADX Monero (XMR) shows a weak bullish trend for the coin’s price. Buyers are targeting a break above the previous swing high (at the $209 mark).

Support level – $150 and $120

Resistance level – $200 and $230

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

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