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Monero price analysis: XMR/USD set to break above the $249 resistance

Terra Price Analysis

TL;DR Breakdown

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

For today’s Monero price analysis, the bullish argument prevails. At the start of the session, the XMR/USD pair broke through two opposing resistance levels at $234 and $235 in a swift move, with XMR bulls following up by rising through two more resistance levels at $237 and $239 before breaking out above key support at $230.

XMR/USD is currently valued at $223.9, which represents a six percent profit for Monero over the last 24 hours. Despite this, XMR/USD has a minor deficit of value compared to the previous seven days; this is owing to the sharp drop on September 24th, when the price fell as low as $233. Overall, September was extremely harsh for Monero, with the price trend line declining throughout this period of time, but today’s boost provided effective support.

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

The Monero price chart for the one-day period shows a significant boost in pricing as bulls charge ahead. Today, XMR bulls have successfully reclaimed three lost supports at $235, $236, and $248. Because XMR is presently above the $248 mark, the most critical resistance is likely to be $249. Bulls broke through the moving average and also passed the mean line of the Bollinger bands today, suggesting a bullish crossover, therefore we may safely presume that said barrier can also be overcome.

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

The XMR/USD pair is steady because the upper Bollinger band is located at $278, and the lower band begins at $217; a few decimals separate the mean average of the Bollinger bands from beneath the price level with a difference of about $248.01.

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 2XMR/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.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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