Monero Struggles In A Range Ahead Of $200 Rally, Will Price Breakout?

  • XRM’s price falls into a ranging channel after it failed to surpass resistance. Price is now preventing price from trending upwards. 
  • XRM is trading below 50 and 200 day Exponential moving average as the market struggles to regain bullish sign as it continues to range in a descending triangular. 
  • To rally to $200, XRM must break through the descending triangle. 

Monero (XRM), prices are still struggling as they fluctuate in a channel to try to revive their bullish movements against USDT (tether). Monero (XRM), and other crypto assets saw a relief rebound in the last weeks. This made the crypto market cap look positive for cryptocurrencies, many of which are seeing double-digit gains. Monero (XRM), which showed some relief, was quickly rejected and moved into a range. Data from Binance 

Monero (XRM), Price Analysis on The Weekly Chart

Weekly XRM Chart | Source: XRMUSDT On

The price fell to $100, a drop of over 70% from the record $517. Market conditions cut off this amazing price rise. For six months, the cryptocurrency market was in a bearish market. This has led to many assets seeing their weekly lows again while others hold onto key support.

The price of XRM rose to a peak of $260. However, it fell to a weekly low at $100. This price level held firm after forming support and looked as a potential demand area for prices. 

The price for XRM rose from $100 to $150 per week. As the price struggled with resistance, it reached a high price. This resistance level corresponds to 38.2% Fibonacci Ratios (Fibs), which act as resistance to price rises. To make XRM trend, a price increase must surpass the resistance of $150.

Weekly resistance for the price of XRM – $150.

Weekly support for the price of XRM – $100.

Chart Price Analysis of XRM on The Daily (1D).

The price of XRM is still below its 50-day and 200 day Exponential Moving Averages, which are not favorable for an upward trend. The 50- and 200 EMAs act as resistance to XRM. Prices between $150 and $162 are respectively 150 and $162.

If XRM is to retrace its bullish trend it needs to break above $162, with high volume close above that.

Daily resistance for the XRM price – $162.

Daily support for the XRM price – $100. 

Featured Image from zipmex. Charts by Tradingview 

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