AnalysisCoin

Monero price analysis: XMR breaks above $240, indicating that bullish momentum is building

Monero price analysis favors bulls as the bullish momentum grows stronger each time. The XMR/USD pair has crossed the psychological $240 level today. The cryptocurrency began to recover yesterday when bulls reclaimed the lead after suffering a heavy setback the day before. The positive momentum is strong enough, and the price has regained a significant portion of its loss. However, the general price trend line has been skewed downward since the 10th of November, as the coin has consistently made lower highs since then.

XMR/USD 1-day price chart: Trend reversal drives the price down to $265.9 level

The 1-day price chart for Monero price analysis reveals that the coin traded in an upwards range today as well; the crypto pair traded in a range of $235 to $245 today, and the XMR/USD pair is currently trading at $243.5. The cryptocurrency’s value has increased by 7.16 percent in the previous 24 hours and 2.10 percent in the last week. The weekly gain is smaller than the daily gain because the trend was downward at the start of the week. Nevertheless, the trading volume has climbed by 25.44 percent, resulting in a 0.17 percent market domination.

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

The Bollinger bands indicate a downward breakout because both extreme ends of the indicator travel downwards due to the overall downtrend. The upper band at $288 and the lower band at $222.9 represent support, and the average line of the indicator at $255 represents resistance for XMR.

Today’s price has crossed above the moving average (MA), indicating a positive crossover; the MA is $239. At index 45, the relative strength index (RSI) is trending upwards. The RSI reflects the market’s overwhelming buying activity, which is driving the price higher.

Monero price analysis: Recent changes and additional technical indicators

The 4-hour Monero price analysis shows that the price has been moving upwards for more than 20 hours, indicating that a correction may be on the way, as the bulls may be becoming tired. This comment is backed up by the RSI curve, which suggests a recent slowdown in buying activity.

The RSI curve is flattening out and taking on a horizontal shape, indicating bullish fatigue. However, the coin’s volatility is still significant, with the upper Bollinger band at $252 providing resistance and the mean average of the Bollinger bands at $238 signifying support.

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

Despite today’s upward advance, the technical indicators still favor the bears due to the overall bearish price trend line. Only three technical indicators support the optimistic side, while thirteen favor the bearish side. The remaining ten indications are all in the neutral zone.

Conclusion

Monero price analysis indicates that the cryptocurrency has been in bullish mode since yesterday; the coin has covered a large range upwards, but a correction could begin at any time; how long the correction lasts will depend on whether the XMR is coming out of the bearish slope or continuing the slope. If the coin continues to rise, though, it will face selling pressure near $245. XMR, on the other hand, may find support in the $238 support zone if it reverts.

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