Monero Price Prediction: Will XMR Keep Up The Momentum?
- The Monero was at $163.45, increasing 0.06% during the intraday trading session after it was successful in breaking the consolidation phase.
- The 24-hour low of XMR was $159.30 and the 24-hour high of XMR was $163.74.
- The Monero token price is above 20, 50, 100, and 200-Day EMA.
The pair of XMR/BTC was trading at 0.00537 BTC with a rise of 1.24% over the intraday trading session. The token, however, experienced a fall of 26.89% in the previous trading year under a bear market. Due to strong selling pressure in the market, the XMR token fell to its primary support level of $141.756 at the end of 2022.
The XMR token has been experiencing an upward trend since the beginning of 2023, thanks to the presence of active buyers in the market. This has allowed the token price to surpass its primary and secondary resistance levels and enter the distribution phase or supply zone, indicating that buyers are currently dominating the market. However, the appearance of the evening star candlestick pattern following the upward trend may have contributed to the preceding downtrend, as evident from the daily time frame chart.
Upon reaching its secondary support level of $132.10, the token price witnessed an influx of buyers who drove the price up. However, the token faced resistance when attempting to break its primary resistance level of $159.62, and as a result, the price has been consolidating within a certain range. This indicates that neither the buyers nor the sellers currently have control of the market.
If the buyers continue to exert their influence, the price of Monero is expected to enter its supply zone or distribution phase, as indicated by Monero’s price predictions. This could potentially result in further gains for the cryptocurrency.
Source: XMR/USD by Tradingview
The past 24 hours have seen a 10.56% drop in the volume of the coin, which suggests a rise in the number of sellers. This indicates that sellers are becoming more active, yet the lack of a correlation between volume and the price of XMR highlights a flaw in the current bullish phase. As a result, a potential reversal in market sentiment could be possible.
Monero technical analysis:
Source: XMR/USD by Tradingview
RSI is increasing in the overbought zone and is showing a positive crossover which indicates that the buyers are coming in the majority and pushing XMR upwards. This suggests the weakness of the current bullish trend. The current value of RSI is 59.07 which is above the average RSI value of 54.91.
The daily chart indicates a positive crossover as the MACD and signal line have been on the rise, and this is in line with the analysis of RSI. Furthermore, both the MACD and signal lines are currently above zero, indicating a bullish market sentiment.
Conclusion
Monero price prediction suggests that it may enter its supply or distribution phase if the buyers keep the upward momentum. The sudden decrease in the trading volume shows a lack of trust among the traders.
Furthermore, both RSI and MACD are increasing and have shown a positive crossover over the daily time frame chart which shows strength in the current uptrend.
Technical Levels-
Resistance level- $159.624 and $167.843
Support level- $141.756 and $132.10
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
