Monero Price Analysis: XMR/USD bullish for the next 24 hours

Chainlink price analysis

TL;DR Breakdown

  • The Monero price analysis is bullish.
  • XMR/USD par is currently trading at $219.
  • Support is present at $211.

The Monero price analysis is bullish since it has a growing momentum on the positive side. As the bull momentum has demonstrated to be quite a blow for the bears, the price function has covered an upwards range. The bearish control has collapsed as the price levels have returned to $217, their former peak, suggesting that danger may be near. If the bulls continue their momentum, resistance can be expected at $220.7, further resistance is present at $242, and the final peak of this range is near $253. If price levels get past these resistances to an upwards breakout (bullish), another test for bottom prices ($211) will likely be nearby.

The hourly chart above shows the Monero price analysis from the bullish point of view, assuming that the prices will continue to grow on their current trajectory. The bullish momentum continues as the bulls have pushed for access to a new high at $220.7, and they now maintain upper resistance control over the price levels. This movement may suggest that an upward trend reversal begins as the price levels increase to new highs.

XMR/USD 1-day price chart: Bullish momentum strengthens as the price continues upside

The 1-day Monero price analysis reveals that the coin’s value has recovered above expectations during the previous three days. Although a 20 day SMA crossover occurred last week, cryptocurrencies have performed well recently, with the currency increasing by more than nine percent in value in the past 24 hours.

Monero Price Analysis: XMR/USD bullish for the next 24 hours 1
XMR/USD 1-day price chart. Source: Tradingview

In the past two days, bulls have resumed their advance, and today’s price break above $207 resistance has been accomplished. The moving average (MA) is currently at $197. Furthermore, the volatility level is high, and the Bollinger bands average has been maintained at $212, providing a chance to the bulls. At the time of writing, the RSI was at 67, demonstrating the strong bullish momentum of this trend.

XMR 4- hour price analysis chart: Recent developments and further technical indications

The 4-hour Monero price chart indicates that the cryptocurrency’s price behavior has been rising for the last 20 hours, and today’s gains in value compare favorably. Today there was no sign of a bearish barrier, and the price fluctuation remained constant; selling pressure may develop at any moment as the bulls are tired after so many days of growth. The current level is around $ 220.7, but the RSI shows that the market is bullish at 57.

Monero Price Analysis: XMR/USD bullish for the next 24 hours 2
XMR/USD 4-hours price chart. Source: Trading view

The exponential moving average (EMA) supports nearly $208 in today’s 4-hour time frame. Currently, the Bollinger bands average is $215, which has kept price volatility at a high level.

Today’s 4-hour charts indicate that prices are growing significantly, and the bullish trend continues its strength in this time frame. The RSI is near 70, which suggests that the markets are bullish. Resistance at $220.7 has collapsed, and buying pressure continues to grow. Since the price levels closed above $217, they may continue to increase during the day; however, the resistance at $230 could slow their progress soon.

Monero Price Analysis: Conclusion

The bulls have once again reasserted control, as shown by the Monero price analysis. The momentum has been incredible, sweeping past the bears with a shocking rise in value, bringing the value to $217.

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.
William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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