XMR Technical Analysis: Hungry, Hungry Bulls Eye $300 Milestone!

Key technical points:

Past Performance of XMR

The XMR/USDT pair has a solid uptrend without a correction phase breaking below the higher high level in the upward trend after March. The movement started at $150 in February, reached several bearish levels, and has recently tested the $250 level before climbing 7.25 percent to weaken the recoil phase. The trend continues to climb by forming a follow-through candle which we can see rising over the $267 mark.

Source-Tradingview

XMR Technical Analysis 

XMR coin price rises above the $275 mark with a bullish engulfing candlestick ready to approach the $300 milestone as the buying pressure increases. Moreover, the increased trading volume supports the ongoing bull run. 

The inflating prices of the privacy token bring a bullish reversal in the crucial daily EMAs resulting in the golden crossover. Moreover, the rising 100-day EMA aims to cross above the 200-day EMA to regain the bullish alignment for the crucial EMAs.

RSI Indicator: The RSI slope shows a positive trend in action but struggles to enter the overbought boundary at the 70% mark. Moreover, the indicator doubts the uptrend continuation as it gives a bearish divergence.

MACD Indicator: The MACD and signal lines continue the uptrend after avoiding and sabotaging a couple of bearish crossover attempts. Hence, the indicator provides a solid bullish signal for Monero.

In a nutshell, the XMR technical analysis shows a significantly increased possibility of a bull run to the $300 mark. 

Upcoming Trend 

The uptrend that is currently in place shows an increase in the buying demand as XMR price climbs above $275. Thus, the uptrend is likely to reach 300 before breaking the uptrend. Insurance against the bearish divergence of the RSI and a close below $250 could be a point of exit because it could impede the momentum of the uptrend and increase the risk of a decline.

Resistance Levels: $200 and $225

Support Levels: $175 and $160