Monero (XMR), like other cryptos, took a strong hit from the Bitcoin price drop in late November 2020, but has went against the tide since. The market opened the today today on the 14th of December 2020 at an XMR price of $152.01.
Many cryptos have seen bearish activity through the weekend that follows as we start the week today. Even Bitcoin is seeing red figures on CoinMarketCap today, but XMR price seems to stand out amongst the crowd.
While other crypto remain bearish, XMR has seen an almost nine percent increase in the last seven days and is up four percent on the day alone.
At the time of writing, XMR price is $152.69 – up 4.07 percent on the day opening price.
Use the oscillator below to check what role XMR might play in your portfolio.
The 1-Day chart shows a steady recovery for XMR price as the November fall finds support levels back to $140 and beyond – sitting now at $153.
The correlation between volatility levels shown in the 1-Day chart and bullish momentum suggest the bulls remain in control for the days ahead. The one spanner in the gears is the indication of XMR supply reaching a Relative Strength Index (RSI) point of 70 and above.
Once the XMR price exceeds $160 in the next day or two, we are also likely to see the RSI break beyond 70 – indicating supply has been overbought. If and when this occurs, bears are likely to see control return into late December and price fluctuations begin to stabilize between bullish and bearish.
The 1-Week chart enables us to see the overall direction of the XMR market. As can be seen so far, recovery of XMR price was strong since the plummet in March 2020.
The Bollinger Bands (BBs) portray a picture of XMR prices proceeding ever-upwards; breaking past the Upper BB levels. As can be seen in between September and October 2020, the breaching of the Upper BB level response is to delegate market control back to the bears.
Volatility shows a steady decrease with bullish XMR price activity, but the RSI is already at 76. This shows that XMR supply is already overbought on the weekly chart and very likely to be seeing some strong bearish activity in the coming week or two.
The 1-Week volatility chart paints the picture of a steep decline in volatility as XMR prices rise.
This pattern strongly suggests the overall market seeks bullish action and finds volatility levels rocket only when the bears take control of the market.
Despite the RSI level rising out of the average channel towards breaking the upper 70 boundary, XMR prices are still likely to proceed skywards.
The ascending channel indicated by the two yellow lines on the 1-Day conclusion chart show XMR prices aiming towards a continuous climb ahead. If this pattern is to continue, it is highly likely we will be seeing ever-higher Monero prices in the near future as XMR smashes all records of XMR All-Time-Highs (ATHs)
This post was last modified on January 8, 2021 1:18 am
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