Monero Price Analysis: XMR Three-day Uptrend Come end as Selling Congestion Rages.

Monero has been on an uptrend over the last three. The consistent increase started on Wednesday as trading conditions improved and most assets saw an influx of capital. Nonetheless, the surge started after it retested its seven-day low.

It saw rebounds, prompting the bulls to push for more price action. XMR continued its slow rise with a more than 2% positive change the next day. The biggest surge happened during the previous intraday session.

It opened at $152 and surged to $161 afterward. Enough buying pressure kept it afloat and it closed at the mark. Unfortunately, that marked the end of the uptrend as trading actions during the current session shows a little deficit.

Monero Enjoys Selling Congestions

XMR is currently seeing a lot of selling congestion at $158. As a result, there is a stalemate at the price mark. Nonetheless, the deficit is not a source of concern as it is considered insignificant.

Additionally, indicators are relatively bullish. For example, the Moving Average Convergence Divergence is attempting to break above 0. The metric saw a bullish divergence a few days back and is showing no signs of reverting as we observed the 12-day EMA is fast approaching 0.

We also observed the same movement from the 26-day EMA. The Relative Strength Index, on the other hand, is taking a dip. It resonates with the most recent selloff the asset experienced.

Monero is holding its bullish form on the Pivot Point Standard. A clear indication of this is that it is exchanging above its pivot point. It was on its way to testing the first pivot resistance but halted in its path due to the most recent state of the token.

The most recent market condition may threaten key support if it continues. For example, we may see a retest of the pivot point.

Key Levels to Watch

Supports: $149, $142, $133

Resistance: $162, $170

The highlighted levels are one of the most vital with regard XMR current price. As per RSI’s reading, we may conclude that the downtrend may continue. If this happens, we may expect a price decrease that may send the token under consideration below $150.

The first line of defense is the $149. It is not one of the toughest as it has failed on more occasions than it succeed. A more bankable support is the $142. We’ve seen several retracements come to a halt at this point or a little lower.

In extreme cases, we may see a retest of $133. On the upside, we may see more advances at the $162 resistance and possibly the $170.

Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!

  • bitcoinBitcoin (BTC) $ 16,974.19 1.45%
  • ethereumEthereum (ETH) $ 1,276.40 1.86%
  • bnbBNB (BNB) $ 292.21 3.19%
  • xrpXRP (XRP) $ 0.398798 3.11%
  • solanaSolana (SOL) $ 13.52 4.94%
  • terra-luna-2Terra (LUNA) $ 1.64 0.14%