Monero Price Analysis: XMR at $250 resistance, set to break out?

Monero Price Analysis

TL;DR Breakdown

  • Monero price analysis for today is bullish, up by 1%.
  • The nearest resistance is at $250, which remains unshattered.
  • If the bulls get defeated here, the nearest support is $232.5, and another is $229.
  • Major support is also present at $223.5.
  • These supports currently hold as the currency rose from $235.8 to $255.6.
  • The current price of XMR/USDT is $249.

Monero price analysis today is bullish for today as the XMR/USDT price is at the $249 price level. The data from Coinmarketcap suggests that the trading pair can surge and breach the resistance that currently remains unbroken at $250. The reason being the surge in 24-hour trading volume by 1.27%. Multiple technical indicators will be used to predict the future price movement more accurately.

If the bulls are able to break through the resistance at $250, we have a confirmed uptrend for today. Although, if the cryptocurrency drops, failing to break the price resistance, we can see a price retracement towards the nearest support at $232.5. There is another support at $229. If the first one breaks, the bears might retest this one. But, after $250, the next resistance zone is placed at $255.286 and one at $265.665.

Furthermore, the market capitalization of Monero has surged by 7.2%, which is another bullish stat that we have. Considering the movement on Bitcoin, on the other hand, the BTC/USDT trading pair has reached $44K, just below the resistance at $44.2K. If Bitcoin breaches this resistance, we can be optimistic for Monero as well as other altcoins. But, if BTC/USDT is not able to breach this resistance, we might experience red candles through the crypto land.

Monero price analysis: Technical indicators are still bullish

Considering the key Moving Averages and their position in the 4-hour charts below, it is clearly visible that the XMR/USDT price analysis has been bullish since yesterday. It would be natural to see some retracement today, but if Bitcoin can breach the resistance at $44.2K, XMR will also move higher.

Currently, the price action is very close to the 100-day as well as the 50-day Moving Averages. Both these averages are currently above the price movement in the 4-hour chart. Although, we can expect that the bulls will make an attempt to reclaim these Moving Averages.

The price movement is almost near the upper edge of the Bollinger Bands. A few days earlier, we saw the selling pressure taking the price of XMR/USDT down, breaking out from the lower end of the Bands. Today, we might see the buying pressure take the price movement upwards. As a result, a breakout from the upper end of the Bollinger Bands can be expected.

Monero price analysis
Monero Price Analysis on the chart by TradingView

The RSI indicator suggests that the price is currently bullish. The reading is above 50, which means that the buying pressure is more than the selling pressure, and if this continues, we might see new lower highs on the 4-hour chart. The RSI line gradient is positive, i.e., higher prices will follow, and bulls are defeating the bears.

The MACD indicator, on the other hand, witnessed a bullish divergence on the 4-hour chart. This means that the MACD line (blue line) has traversed above the signal line, which is orange in color. This phenomenon is called a bullish divergence and is an optimistic phenomenon on the 4-hour chart.

Monero Price Analysis: XMR at $250 resistance, set to break out? 1
Monero Price Analysis on the chart by TradingView

Monero price analysis: Conclusion

The Monero price analysis can be ended on a bullish note. Although, this price analysis is valid only for the short term and if you are into holding crypto rather than day trading, visit our Price Predictions page.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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