- 1 XMR price showcased a bullish move and persisted in extending the gains.
- 2 XMR coin witnessed massive buying momentum on the charts.
Monero (XMR) price showcased a breakout of the symmetrical triangle and continued to extend the gains steadily. Monero coin is now approaching the bullish trajectory and is trying to fly above the round mark of $200. Meanwhile, the Monero coin formed a falling channel. Technicals suggest that XMR price will surpass the barrier of $200 and will reach the swing highs of $250.
XMR price is trading above the key moving averages and is highlighting bullishness. XMR price is trading close to the upper neckline of $190 and will reach the blue skyzone above $200 soon.
The live price of Monero (XMR) is $174.22, with an intraday gain of 2.07%, showing neutrality on the charts. Moreover, the trading volume increased by 2.80% to $99.26 Million. However, the pair of XMR/BTC is at 0.00451 BTC, and the market cap is $3.13 Billion. Analysts have maintained neutrality and suggest a growth outlook for the upcoming sessions.
Will Monero (XMR) Price Reach $200?
Source: XMR Price Chart By TradingView
On the daily chart, XMR price showcased a breakout of the symmetrical triangle pattern, and buyers held the gains decisively amid the rejection from the supply zone. However, the XMR coin is pausing the gains now and retracing in the last sessions. Moreover, the investors are keeping an eye on the XMR coin and waiting to cross the mark of $190 to make fresh long positions.
The RSI curve is above neutrality near 68 and showed a positive divergence, suggesting a favorable bullish outlook for the upcoming sessions.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting that XMR may skyrocket soon.
Weekly Charts Shows Range Bound Moves
Source: XMR Price Chart By TradingView
On the weekly charts, XMR price was showing a range-bound move and witnessed roller coaster moves in a narrow range between $120- $160. It is now exiting the range. However, the upper neckline of $190 is yet to be escaped, and buyers are looking strong now. XMR coin surpassed the 50% Fibonacci retracement zone and is close to the 61.8% zone above the mid bollinger band.
Summary
Monero (XMR) price approached the bullish territory and surpassed the key moving averages, highlighting bullish dominance. Moreover, the price action shows that the XMR coin will register a breakout above the prompt hurdle of $190 and will reach $250 by the end of 2023.
Technical Levels
Support Levels: $180 and $170
Resistance Levels: $200 and $220
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Adarsh Singh
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
