$152 Flipped Support Encourages an 11% Price Jump

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Published 9 hours ago

The XMR price maintains a bullish trend within a rising channel pattern after the positive turnaround from the psychological mark of $100. However, as the selling pressure grows above the $150 mark, the possibility of a correction increases, teasing a potential bearish breakout. Should you trust the prevailing trend, or will the correcting market affect the Monero price trend? 

Key points: 

  • The bullish crossover of the 20 and 50-day EMA reflects an increase in underlying bullishness
  • The Lower price rejection in the daily candle reflects a bullish attempt to avoid a downtrend continuation.
  • The intraday trading volume in Monero (XMR) coin is $120 Million, indicating a 1.06% hike.

XMR/USDT ChartSource- Tradingview

The XMR/USDT technical chart shows a bullish turnaround from the psychological mark of $100 on June 15th. Currently, the bull run accounts for a price jump of 52% as it trades near the 100-day EMA above $150.

Furthermore, the XMR price shows a rising channel pattern in the daily chart teasing a bullish trend continuation. Anyhow, a bearish reversal from the resistance trendline takes immediate support of $152, offering a suitable footing for further rally.

Adding points to the bullish recovery thesis, the lower price rejection in the daily candle projects have a high likelihood of an uptrend continuation. If the bullish trend sustains within the price pattern, traders can expect the XMR price to reach the 200-day EMA at $175.

Conversely, the traders hoping for a downtrend to the support trendline must wait for the daily candle closing price to breach the $152 mark. Moreover, as the overall market corrects, a downtrend below the $152 mark will attempt to take support at the ascending trendline near $145.

Technical analysis

RSI indicator: The daily RSI slope shows a slowing bullish momentum in the uptrend as it takes a lateral shift in the nearly overbought zone. Hence the technical indicator reflects a possibility of consolidation above the $150 mark.

DMI indicator: the DMI lines maintain a downward trend despite a bullish alignment projecting a possibility of a bearish crossover. Moreover, the ADX line mimics the downtrend reflecting a fall in the trend momentum.

  • Resistance levels- $175 and $200
  • Support levels- $152 and $133.7

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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