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Vikram
Mar 29, 2022
by Vikram

XMR Technical Analysis: Out-Of-Control XMR Buyers Eye $250

XMR
XMR recovery rally knocks out another resistance of $215, bolstering buyers for a 15% run. Will the buying sustain so that the uptrend hits $250?

Key technical points:

  • The post-retest rally would soar XMR price by 15%

  • The rising 20 and 100-day EMAs provides a bullish crossover.

  • Finally, the 24-hour trading volume of Monero is $174.1 Million, marking a 1.86% rise. 

    • Past Performance of XMR

    On February 25th, the XMR price rebounded from the $140 support with a long-tail hammer candle. Since then, the altcoin has been rallying higher under an ascending trendline. The recovery rally breached several critical technical levels on its way, such as $182, $210, and 200-day EMA, and it currently exchanges hands at $221, with a 50% gain since the last month.

    TradingView Chart

    XMR Technical Analysis 

    The XMR price rally sabotages the long-coming resistance trendline to showcase the uptrend. Furthermore, it has recently pierced the $210 resistance, indicating the buyers are ready for another leg up. However, the coin price could pull back to retest the breached resistance, validating a sufficient bullish momentum. Moreover, until the support trendline is intact, traders can maintain a bullish bias for the Monero coin.

    The recovery rally regains the crucial EMAs(20, 50, 100, and 200), indicating the buyers have the upper hand. As a result, these EMA lines could provide dip opportunities to long traders during the occasional pullbacks.

    RSI Indicator: The RSI slope shows a similar parabolic rally in the bullish territory with no signs of weakening so far

    Vortex Indicator: The bullish crossover among the VI+ and VI- sloped gives an additional confirmation for buyers. The widespread within these lines suggest aggressive buying. 

    In a nutshell, the XMR technical analysis shares a bullish tendency with the possibility to reach $250.

    Upcoming Trend 

    The sustained buying above the breached $210 resistance could drive the XMR price 15% high to $250. However, if sellers violate the dynamic support trendline, the XMR traders can experience an 18% free fall to $182, followed by $140.

    Support Levels: $182 and $140

    Resistance Levels: $252 and $300

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    XMR Technical Analysis: Out-Of-Control XMR Buyers Eye $250
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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