Weekly XMR Price Analysis: Monero Holds Steadfastly To $205+ Levels

Have you been watching Monero’s charts and trying to draw patterns as to where it will go next? XMR has performed fairly in the market this week and looks set for a strong recovery. While market sentiments remain majorly bullish, XMR has also experienced its fair share of market volatility. Let’s quickly dive into the weekly XMR price analysis and study what’s in the future for XMR price trends. 

XMR Price Analysis of the Last Week: XMR Falls Below $200, Recovers Quickly 

As March 8 began, XMR dipped from $216 and entered a trading range. The range initially posed resistance at $220 but soon gave in as a formidable golden cross formed on the MACD, instigating an upward breakout at 16:30. The upturn would eventually culminate with XMR at $227.9 by 09:00 UTC. As RSI reported overbought levels, a trend reversal was predicted. The reversal did occur, with a death cross on the MACD line at 22:00 UTC. A sturdy downtrend followed on March 9, resulting in XMR finding support at $206.7. The price continued to consolidate around the $206 mark until noon on March 10, when a golden cross helped it spike skyward. Monero faced strong rejection at $213 as another death cross formed on the MACD.

Soon after, the XMR price plunged, going to $201.8 and then eventually $197.75 post-fluctuations. The RSI ventured into the overbought zone as XMR attempted a turnaround. However, rapid action on the MACD indicator brought the price back down to the support. Another golden cross formed at 1:00 UTC on March 11, confirming a price rise as an uptrend commenced, directing XMR to challenge the $213 resistance once again. The attempt, however, remained unsuccessful, as XMR hovered around the mark and fell briefly, thanks to the overbought levels observed on the RSI indicator. Further support from a golden cross led to XMR testing resistance again. But the attempt turned out to be futile, as buying pressure faded away. A brief downturn followed, steering XMR to find support at $205. 

XMR Price Prediction: XMR Eyes Prolonged Uptrend, Targets $211 Resistance

After finding support at $205, XMR started drawing a rocky uptrend, finding resistance at $211 at 1:30 UTC on 13 March. Right after its attempt, a death cross formed, taking XMR to $207 before another unfruitful attempt upward. The price continued a subtle downtrend, thanks to that death cross, and rested at support. At 22:00 UTC on March 13, a golden cross emerged on the MACD line, and an upward breakout was on the cards. However, XMR was soon hit with a brief correction before it could make any meaningful progress. Another uptrend spawned right after, with Monero last seen testing resistance levels again. While XMR’s performance has been satisfactory in the past, today, it struggled to make it across the $211 resistance. However, the last update on the MACD saw the shorter EMA closing in on the long-term one, hinting that the final upward march may, after all, stick around. 

If the upward trend continues, the $211 resistance should be broken by March 16, and a new support should be established. If that happens, it is highly plausible that Monero will eye the $220 level next.

Weekly XMR Price Analysis: XMR Looks Poised to Break $211 Resistance

While XMR’s price has been on the decline for the past few weeks, this week has shown promise for a positive future. XMR price trends have led the price to recover from key lows and favorable movements have been sustained. Given that, XMR looks set to break the latest $211 resistance and move further upward in the coming times.