Monero, (XMR), soared to new heights in just three months despite the challenges facing the crypto market.
XMR’s momentum has increased since June 13, as the stock has enjoyed its best highs in recent months.
The token has been on an uptrend for the fourth day in a row and today it’s at fever-pitch with an intraday high beaming at $153.09 3hich is considerably the highest gain it has had since June 13.
The big move by XMR/USD means that it has established its target at $155, a new resistance level. This will become the price ceiling for traders. In tandem, another resistance level will be established.
Monero Going For A Bull Run At $175
One thing could happen is that the bears may view the market as too oversold and decide to reenter, or even force other bulls out of their current positions. Monero might push for a bull move toward $175 if the market breakouts.
XMR broke its support zone. Now, XMR is trying to retest that trendline. XMR has an ascending triangular pattern.
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The XMR/BTC exchange pair soared to 0.67% market capital and currently trades at 0.006390. This is evident over the last 24 hours.
XMR shows a downward trend after having broken the long-term resistance and turned the supply area to $135.
The resistance level has been tested by the formation of higher highs, and lower lows. Now, it has tried to do the opposite and form lower lows or higher highs over a shorter amount of time.
XMR market capital at $2.76 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
Monero’s Monero Coin has displayed a bearish trend since it was able cross the long term demand zone.
A bearish trend caused the break at $200, signaling a sell-off. The supertrend line, acting as a resistance, is now the currency.
If XMR breaks out of its triangular pattern, then it can show a bullish streak. It can drop as low as $100 if the supertrend line is broken below $200.
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XMR Forms Falling Wedge Pattern
The price could rise to $175 if the $135 supply area is broken. XMR has formed the falling wedge formation as it looks for lower lows.
The Average Directional Movement Index has dropped to 20 over the last few days, and is now facing rejection in the $135 area.
Positive news is that the ADX curve now shows some signs of recovery. It even went in the opposite direction and showed an upward trend.
Overall, it’s looking bullish for the crypto as of press time with the resistance zone falling in between $135 to $175.
Featured image taken from Coin Central. Chart by TradingView.com