Monero Price Continues Its Bullish Streak, Will This Be Its Next Trading Range?

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Monero price has been bullish despite broad market trends. Over the past 24 hours, XMR has continued to rise on its charts. It gained about 4%.

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Over the past week, the price of Monero increased significantly as the altcoin charted an appreciation of 9%. The technical outlook for the coin was bullish on the one-day chart.

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Monero has experienced less buying pressure over the past few days. The technical indicator is now showing that buying power on the charts was recovering, which meant that XMR could move closer to its next resistance mark.

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With increasing demand, XMR is likely to maintain its bullish momentum. The support area for Monero price lies between $146 and $136 respectively.

Bitcoin was also up on the charts, which has helped other altcoins recover on their respective charts.

Monero has to move above the $146 price mark. This can only be possible if the demand for XMR continues to grow and is sustained.

Monero Price Analysis: One Day Chart

monero price
Monero was priced at $146 on the one day chart. Source: XMRUSD on TradingView

At the time of writing this, XMR is trading at $146. The immediate resistance level of the coin was $154. The coin needs to move beyond that level to consolidate the bullish streak on the chart.

Another difficult price range for Monero price to break would be $163. Bulls have been rejected at this stage for several weeks.

On the other hand, if Monero price goes through a pullback, the first level for Monero would be $134. A break below the $134 price mark could lead XMR to a decline towards $127.

Monero traded lower in volume in the previous trading session, indicating that selling power had fallen at the time of writing.

technical analysis

monero price
Monero registered increasing buying power on the one-day chart. Source: XMRUSD on TradingView

Technical indicators on XMR are showing an increase in buying strength, drawing positive price action. The selling power on the chart has reduced, which may help XMR move higher on its chart.

At the moment, the Relative Strength Index moved up near the halfway line, and buying power and selling power were almost identical.

As the indicators appear, the chart is overbought with buyers. Monero price moved above the 20-SMA as buying power improved. This also meant that buyers were increasing the price movement in the market.

monero price
Monero registered a buy signal on the one day chart. Source: XMRUSD on TradingView

Other technical indicators of XMR are also trending bullish. Moving average convergence divergence indicating price momentum and overall price action.

MACD made a bullish crossover and formed a green signal bar, which was a buy signal for the coin. Parabolic SAR determines the price direction of a particular crypto.

The dotted line below the price candle indicates an upward trend for the Monero price.

Featured image from The Street, Chart: TradingView.com



Credit : www.newsbtc.com

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