Monero is a cryptocurrency that builds upon the anonymity features of Bitcoin, but it is more anonymous as compared to Bitcoin. It was founded in 2014 by a group of 7 people. Monero was initially launched as a fork for the Bytecoin. Let us look at the technical analysis of XMR.
<h2><b>Past Performance of Monero</b></h2>
It opened on 01 October 2021, at $251.10. There was an overall increase of 10.65% and the <a href="https://www.cryptoknowmics.com/news/monero-xmr-technical-analysis-the-market-is-preparing-for-growth/">week ended</a> with a close at $277.86 on October 7, 2021.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/2/2lVbsHWd.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/2lVbsHWd/">https://www.tradingview.com/x/2lVbsHWd/</a>
<h2><b>XMR Technical Analysis</b></h2>
The trend reversed itself when XMR took support at $228.0. Then it took slight support at $251.4 to continue its bullish trend. Currently, it is taking support at $275.6. Looking at the previous support levels, this bullish trend is expected to continue.

XMR is trading currently at $281.2, a 1.22% gain on the daily basis. The price continues to show bullish signals.

<strong>OBV</strong> is showing that the buying pressure is still dominating the selling pressure. This means that the bullish trend is likely to continue. Traders may consider taking a long position.

<strong>RSI</strong> is at 59.48%, which is again a bullish signal. There can be seen an uptrend in the RSI as well. Traders may consider taking a long position. However, they may look for a trend reversal as RSI can enter the overbought region soon.

<strong>MACD</strong> is confirming the last week’s uptrend. The fast line’s cross-over the slow line shows this. The signal is heading towards the positive region, which is again a bullish signal. MACD is showing no divergence from the price chart.
<h2><b>Day-Ahead and Tomorrow</b></h2>
<strong>Fib Retracement</strong> shows that the XMR broke resistance at $260.72. The fib target is at $312.39, which is expected to reach soon.

Thus, all the indicators are showing a bullish signal. However, RSI is also heading towards the overbought region, so there may be a trend reversal. Traders may take a long position with a target at $316.8 and place the stop-loss at $275.6.

XMR Technical Analysis: FIB Retracement Shows That the Trend Broke Resistance at $260.72

The Monero (XMR) fib target is at $312.39, which is expected to reach soon. Thus, all the indicators are showing a bullish signal. However, RSI is also heading towards the overbought region, so there may be a trend reversal. Traders may take a long position with a target at $316.8 and place the stop loss at $275.6. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

XMR Technical Analysis: FIB Retracement Shows That the Trend Broke Resistance at $260.72

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