Monero Price Analysis: XMR Coin Gains 21%, Price Action Is Favorable

  • XMR coin price action bounces from $232 to 284 with a 21% returns in five days
  • The 24-hour volume is at $221 Million
  • The XMR/BTC pair was trading at 0.007034 BTC with a 1.2% profit

The daily technical chart of the XMR coin price action showcases an uptrend. According to the pivot levels, the XMR significant support level is $177.85. Whereas if it heads up, the initial resistance level to watch is $315. The technical chart shows a Doji star candle describing that bulls and bears failed to control the coin.

The MACD indicator gave a (Bullish) crossover above the signal line on June 1, projecting a buy signal in the coin. Also, Can observe No signs of negative crossover in an intraday trading session. Investors may watch multiple green bars in the histogram index.

The Moving Average Exponential (EMA) of 200-EMA acts as unbroken support in the asset price movement. Investors may witness the price bounces back from EMA-200 and now is sustaining above the red line, so until the price rests above the EMA, it will assure a positive trend in Monero.

The volume of (1.707K) is beneath the Volume MA (5.828K) of 20-days. High buying pressure is required in Monero to drive its price to higher levels.

The Parabolic SAR also suggests a buy signal in intraday, and Until the yellow dots remain below the price candlesticks, it will assure a bullish trend in Monero.

Monero (XMR) Coin Bullish Scenario is Intact

XMR coin price traded at $284 with a 1.2% gain in the last 24-hour and an 11.7% loss weekly. Moreover, the cost of Monero has been on an uptrend since last week. In contrast, market capitalization stands at $5.09 billion. Technically, investors can perceive the price moves above the EMA-200. Moreover, the MACD indicator forecasts a buy signal in the coin. Multiple tiny green volume bars are visible in the chart. Additionally, the price movement may be towards the resistance of $315 in the upcoming days.

Resistance: $315.0

Support: $177.85