- Monero is currently trading at $159.46 with a decline of -3.40% resulting in a 24-hour trading volume of $85,189,062.
- Monero has 482,730 Twitter followers with a very good number of Reddit followers resulting in 293,024 with an average of 402 active accounts on Reddit.
- The all-time high for the Monero is $542.33 recorded on Jan 09, 2018, over 5 years ago.
XMR has recently broken out a dynamic trendline and is currently sustaining above the same by taking resistance at the 168.90 level and may continue the momentum after 50% or 61.80% of retracement as per Fibonacci.
Monero is a digital currency that started in 2014 with the aim of ensuring privacy and anonymity for its users and transactions. Monero is also fungible, which means that every coin is equal and cannot be affected by its past.
There are a total of 317 contributors for the Monero-project/monero and 183 contributors for the Monero-project/monero-gui with 1430 issues closed out of 1715.
The current Market Cap of Monero is 2,917,634,932 ranking #26 on CoinMarketCap.
Monero Technical Analysis
Market Structure:
The XMR gave a breakout above the dynamic trendline and is currently sustaining above the breakout level. After making a low of 125.00 the market started to rebound and hit a top of 172.45 in the last swing and is currently in a retracement phase. If it maintains to create any bullish candlestick pattern at the Fibonacci levels then we can see good momentum on the upside.
Monero Indicator Analysis
Source: XMRUSDT. OKX.1D by TradingView
EMA:
XMR is trading in a bullish breakout of the 20-day and the 50-day Exponential Moving Average indicating the presence of buyers in the market and is currently retracing showing signs of rejections at the 50-day Exponential moving average.
RSI:
The RSI for the Monero looks strong as it has breached the level of 65 and is currently trading at the level of 50. If the market manages to reverse from this level then the trend can continue and new higher levels for the RSI and the market can be seen in the upcoming days.
Conclusion
Looking at the chart on XMR we can see that it is sustaining above the moving average and the breakout level and is currently retracing. If it makes any bullish candle pattern then we can see good momentum on the upside as the EMA’s and the RSI are supporting the breakout. For making any kind of short position we must wait for the market to form some structure but till then the outlook of the market looks bullish.
Technical Levels
- Support Level – 155.24, 150.70, and 134.09
- Resistance Level – 169.27, 179.70, and 187.30
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
