Analysis

XMR Technical Analysis: Bull Run Above $300 Breakout

The bull run possibility increases with the extreme rise in buying pressure for XMR coin that can lead to a consolidation range breakout. Monero was created in 2014 and has one goal: to allow transactions to occur privately and anonymously. Although BTC may be thought to hide an individual’s identity and make payments anonymously, it is easy to trace the source of these payments because blockchains are transparent. Let us now take a deep look into the technical analysis of Monero. Past Performance of XMR XMR coin price keeps resonating within a consolidation range in the daily chart for more than a few weeks. However, the recent rise to the resistance level of $290 indicates stronger buying pressure than before. It is evident by the formation of strong bullish candlesticks and a rise in trading volume. Hence, the chances of a bullish breakout are more than before.  Moreover, the coin price has increased 4.4% in the past 24 hours as the price trades at $287.69. The intraday trading volume of the coin has gained more than 30% as well. XMR/USD Daily Chart XMR Technical Analysis XMR coin price action can foresee a bull run upon the bullish breakout. However, the recently forming red candle in the daily chart increases the possibility of bearish reversal.  The breakout of the $300 can be considered a suitable entry spot. However, the bull run may find resistance near the Pivot Points at $320 and $360. And, on the contrary, the $275 and $250 can help oppose the downfall. The RSI slope in the daily chart resembles the price action as it moves sideways. The majority of the movement is above the central line. Moreover, the slope shows no divergence in the peak formations near the range’s resistance. Hence, the overall signal from the RSI indicator is bullish for the XMR coin. The MACD line and the seller’s line are above the zero mark. The lines also provide a bullish crossover with growing bullish histograms. However, the lines maintain a sideways trend. Nonetheless, the MACD indicator gives a buy signal. Upcoming Trend As per the technical analysis of Monero, the XMR coin price can provide a profitable buying position upon the range breakout. However, the possibility of a bearish reversal is still on the table. Hence, traders must wait for the price action to give a decisive move. 
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