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Monero price analysis: XMR takes a leap forward to $248 as bullish momentum intensifies

Monero price analysis XMR takes a leap forward to as bullish momentum intensifies

TL;DR Breakdown

  • Monero price analysis shows strong bullish signs.
  • Resistance is found at $249.
  • XMR found support at $233.

The Monero price analysis for today favors the bullish side of the market. XMR/USD pair price break up was upwards at the start of the session, and XMR bulls pushed the price through two different resistance levels at $234, followed by $235 successfully in a swift move.

Monero gained a value of around six percent due to the spike in price today, which is a major achievement for the cryptocurrency, though still XMR/USD shows a minor deficit in value over the last seven days; this is due to the steep plunge of 24th September, when XMR price stooped as low as $233. Overall, September proved extortionate for the coin, as the price trend line is downwards during this period of time, but today’s spike provided good support to the cryptocurrency.

XMR/USD 1-day price chart: Crucial resistance ahead

The 1-day price chart for Monero price analysis shows a significant improvement in price as bulls rally ahead. Today XMR bulls victoriously reclaimed three fallen supports of $235, $236, and $248. As XMR is crossing the $248 level at the time of writing, ahead is the most crucial resistance of $249. Today bulls pushed the price above the moving average and also above the Bollinger bands’ mean line, marking a bullish crossover, so we can confidently say the said resistance might also be conquered.

Monero price analysis: XMR takes a leap forward to $248 as bullish momentum intensifies 1
XMR/USD 1-day price chart. Source: TradingView

The volatility is mild for XMR/USD as the upper Bollinger band is present at the $278 mark, and the lower band is present at the $217 mark; the mean average of the Bollinger bands is forming below the price level with a difference of a few decimals at the $248.01 mark.

The relative strength index (RSI) is in the center of the neutral zone on an upwards trend at the 48 index due to today’s positive market sentiment. The indicator shows a strong buying activity at the moment, and also further room for more buyers to explore the market. Thus a further indication of the bullish trend and more prospects for the cryptocurrency.

The MACD indicator also observed a bullish crossover for the first time after a month of the bearish trend; as can be seen, the histogram turned green today, and the first green bar appeared due to the marvelous bullish efforts of today covering losses of many past days.

Monero price analysis: Will bulls consolidate for a further rally

The 4-hour chart for Monero price analysis shows, today the market was regulated by bulls throughout, except for some weak efforts from the bearish side when bears tried to intervene in the price function but were rejected soon, and bulls continued their endeavor.

Monero price analysis: XMR takes a leap forward to $248 as bullish momentum intensifies 2
XMR/USD 4-hours price chart. Source: TradingView

The volatility is increasing on the 4-hour chart as the Bollinger bands are expanding with the mean line far below the price level, showing positive indications for the coin. The relative strength index (RSI) has also gone near the overbought zone and is present at the 60 index, while still on an upwards trend. The RSI is suggesting the entrance of more and more buyers into the market.

The moving average (MA) is below the price level at $240 on the 4-hour chart and at $238 on the 24-hour chart. The short-term MA10 and MA20 favor the bullish side, and the exponential moving average EMA10 and EMA20 also favor the bullish side, whereas EMA30 favors the bearish side.

Monero price analysis: Conclusion

The 4-hour and 24-hour Monero price analysis and technical indications suggest the XMR/USD is recovering well after a consistent downward trend of the past days. We can safely assume the price of the XMR/USD pair to touch the $250 level in the coming hours.

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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