Monero (XMR) Coin: XMR Coin is Ranging Near Demand Zone

• The Coin’s price faced rejection from the 50-day EMA, which recently crossed below the 200-day EMA.
• Monero’s price has been trading in a sideways trend since June 19 2023. 

Monero (XMR) coin was launched in 2014. It is an open source, privacy oriented cryptocurrency, which builds and operates on the concepts of blockchain. The XMR forms the technology behind digital currencies, public ledgers, and participants’ activities that show all the transactions on the network. 

The Present Market Performance of XMR Coin 

Since the last trading session, the (XMR) coin price is observing a decrease of -2.40%. The coin is currently holding the value of $145.88, while having a 24-hour trading volume of $58,737,736. The volume has decreased by 11.95% as compared to the previous trading session. It holds a total market capitalization of approximately $2,674,688,601. Additionally, the coin has an overall circulating supply of 18,339,801 XMR, which is analogous to the flowing coins in the crypto market. 

Technical Analysis and the Price Prediction 

On Aug 23 2023, the 50-day EMA made a bearish crossover with the 200-day EMA, which led the coin price bearish for a short period. However, the price recently faced resistance from the 50-day EMA and broke above it. It is now trading between both the EMAs that signifies the bears have lost some control over price due to buying pressure.

The coin price is currently trading at $146.12 level after giving a breakout of a symmetrical triangle pattern near the demand zone. It took support on the breakout level of the pattern at $141.35 and made some bullish candles. That reflects the interest of bulls at that level. 

On the other hand, the relative strength index (RSI) also showed some signs of hidden divergence co-related to the actual price chart. The RSI line at 51.32 mark crossed above the signal line and middle band with a bullish momentum. This indicates, the bulls have started approaching the price at current levels. 

Conclusion 

Overall, the XMR coin’s price is trading in a sideways price structure. So, the price is ranging in the wider level between $130.93 and $171.02. In recent times the price has given a breakout of a symmetrical triangle pattern, which causes an upsurge of bullish momentum. At present the price is trading near its resistance level at $149.94. Suppose it breaks above the resistance, it may likely reach next resistance at $155.54. However, if the price chooses to trade in an opposite direction, it can close below the $141.35 level. The XMR coin price may continue to drop near $130.93 level.

Technical levels

• Resistance levels: $149.94 and $155.54
• Support Levels: $141.35 and $130.93

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment or any other advice. Investing in or trading crypto assets may come with the risk of financial loss.