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Monero price analysis: XMR breaks above $240 as bullish momentum intensifies

Monero price analysis XMR breaks above as bullish momentum intensifies

TL;DR Breakdown

  • Monero price analysis is bullish today.
  • The price has flared past the $240 psychological mark.
  • Cryptocurrency reclaimed supported at $241.7.

The Monero price analysis is in favor of bulls as the bullish momentum is intensifying with time. Today the XMR/USD pair has crossed the $240 psychological mark. The cryptocurrency started recovering yesterday when bulls took the lead in their hands after going through severe loss just a day before. The bullish momentum is strong enough and has recovered a major chunk of the price. However, the overall price trend line is now towards the downside since 10th November, as the coin has been marking lower highs continuously since then.

XMR/USD 1-day price chart: Reversal in trends takes down the price to $265.9 level

The 1-day price chart for Monero price analysis shows the coin covered an upwards range today as well, the crypto pair traded in a range of $235 to $245 today, and the XMR/USD pair is trading at $243.5 at the time of writing. The cryptocurrency also shows an increase in value by 7.16 percent over the last 24 hours and also shows an increase in value by 2.10 percent over the past week. The trend was downwards at the start of the week, which is why the weekly gain is comparatively less than the daily gain. The trading volume has also increased by 25.44 percent resulting in a market dominance of 0.17 percent.

Monero price analysis: XMR breaks above $240 as bullish momentum intensifies 1
XMR/USD 1-day price chart. Source: TradingView

The volatility is high, and the Bollinger bands hint at a downwards breakout as both the extreme ends of the indicator are traveling downwards due to the overall downtrend, with the upper band at the $288 and the lower band at the $222.9 mark representing support for XMR, and the average line of the indicator at the $255 mark represents resistance for the coin.

The price has traveled above the moving average (MA) today, indicating a bullish crossover; the MA is present at the $239 mark. The relative strength index (RSI) is on an upwards slope at index 45. The RSI indicates the overpowering buying activity in the market, which is driving the price higher.

Monero price analysis: Recent developments and further technical indications

The 4-hour Monero price analysis shows the price movement is upwards for more than 20 hours, so a correction might be on its way, as the bulls might also be getting exhausted now. The RSI curve also complements this statement as it shows a slow down in the buying activity recently.

Monero price analysis: XMR breaks above $240 as bullish momentum intensifies 2
XMR/USD 4-hours price chart. Source: TradingView

The RSI curve is now becoming less steeper and is taking a horizontal shape, hinting at bullish exhaustion. The volatility is still high, with the upper Bollinger band representing resistance for XMR at the $252 mark, and the mean average of the Bollinger bands at the $238 represents support for the coin.

Overall the technical indicators are still in favor of the bears due to the overall bearish price trend line despite today’s bullish move. There are 13 technical indicators supporting the bearish side, and only three indicators support the bullish side. The remaining 10 indicators stand neutral.

Monero price analysis conclusion

The Monero price analysis suggests the cryptocurrency is in bullish mode from yesterday, the coin has covered a considerable range upwards, but now a correction may start any time; how long will the correction last will depend upon if the XMR is coming out of the bearish slope or is continuing the slope. Nevertheless, if the coin continues upside, it will face selling pressure at $245. On the other hand, if it reverts back, XMR may find support near the $238 support zone.

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.
Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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