Monero (XMR) Price Surges Despite Death Cross Signal
The bears came out swinging at the opening of the Monero (XMR) market, sending the price down to a low of $132.24. After sliding to a 7-day low in the early hours, bulls pounced in and propelled the XMR price to a high of $140.62. This bullish momentum has slowed, but the bulls’ unwillingness to relinquish control has pushed the price to $140.30, a 3.51% increase as of press time.
If bullish pressure continues, the possible resistance level at $145 may be identified; however, if negative pressure prevails, a regression toward the $135 support level may be anticipated before any potential upward advance.
Despite the 7-day low drop, the market capitalization increased by 3.70% to $2,563,926,134, indicating that investors remain bullish on the asset’s long-term prospects. Nonetheless, the 24-hour trading volume fell by 19.23% to $82,572,523, signaling that there may be some short-term doubt and caution among traders, but the market is maintaining stability and displaying strong long-term growth.
XMR/USD 1-day price chart (source: CoinMarketCap)
Although positive, the 100-day moving average crosses over the 20-day moving average on the XMR 2-hour price chart, exhibiting a death cross” pattern, which may foreshadow a probable negative trend. This movement suggests that traders should carefully watch price action for additional confirmation of a negative trend before making any trading choices.
Continuously developing green candlesticks are heading above the 20-day MA and towards the 100-day MA, indicating that the death cross is not imminent and that a bullish reversal is still possible soon.
If price movement breaks above both MAs, it might imply a solid bullish trend, and traders should consider establishing long positions. On the other hand, a failure to break above both MAs might indicate that the negative trend is continuing, prompting traders to consider short bets.
When the Relative Strength Index (RSI) climbs northward with a score of 55.48, it shows that buying pressure is building but has yet to be overbought. This rise increases traders’ confidence in the asset’s rising trend, but traders should still exercise care and regularly check the RSI to prevent possible losses if buying pressure suddenly declines.
XMR/USD price chart (Source: TradingView)
The positive trend is expected to continue since the Price Volume Trend (PVT) on the XMR price chart is trending north with a value of 13.701k, suggesting purchasing pressure in the market. This move enhances the market’s positive momentum and increases traders’ trust in XMR’s rising trajectory, which might lead to a rise in demand and further price gain.
The stochastic RSI reading is 100.00, indicating that the XMR market may be ready for a short-term correction or consolidation, but the long-term prognosis remains optimistic based on the current bullish mood and market indicators.
This action warns traders to consider taking profits or putting in stop-loss orders to safeguard their gains while also keeping an eye out for future buying opportunities during the correction or consolidation period.
The TRIX reading of -23.15 and upward movement indicate a likely bullish trend reversal, which might signal a favorable opportunity to open long positions or add to existing ones, but traders should be cautious and wait for confirmation before making any significant changes.
XMR/USD price chart (Source: TradingView)
XMR shows bullish resilience despite short-term doubt and caution, with potential for resistance at $145 and support at $135.
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