Monero Price Analysis: XMR Gains as the Whole Cryptocurrency Market is Rising like a “Phoenix Bird”

  • Monero price is trading with a strong uptrend momentum over the daily chart.
  • The crypto asset has recovered above 20 SMA and now aims for 50, 100 and 200-days Daily Moving Average.
  • The pair of XMR/BTC is at 0.00621 with an intraday gain of 3.83%.

Monero price is trading inside an ascending triangle pattern over the daily chart. The XMR token has gained around 10% of its market capitalization in the last 24-hour period. XMR bulls look pretty determined to register the token’s recovery phase over the daily price chart. Monero coin price is getting up after facing the backlash from the bear market. 

The whole cryptocurrency market resembles the traits of “Phoenix Bird” that is rising from its own ashes. The cryptocurrency market is rising from its own ashes as Bitcoin crosses the $30,000 psychological level. It’s a matter of time to see if this recovery phase is the temporary one or Bitcoin aims to leave its consolidation range with this kickstart. 

Monero coin price is presently CMP at $190 and has gained around 10% of its market capitalization in the last 24-hour period. Trading volume has increased by 42.14% in the intraday trading session. This shows that XMR coin is gaining the attraction of buyers. Volume to market cap ratio is 0.04908.

XMR coin is rising inside an ascending triangle pattern over the daily chart. The token has successfully recovered above 20 SMA and is now preparing for 50, 100 and 200-days Daily Moving Average. XMR bulls look pretty determined to register the token’s recovery phase. However, volume change can be seen below average and needs to grow significantly for XMR to register its breakout from the ascending triangle pattern. 

Long term view of XMR coin according to Fib Retracement can be seen over the chart. Fib Retracement shows that Monero can hike towards $397 level at first and then may break the all time high of $518 registering new all time high at $571 in the near future. This shows the token’s real potential and replenishing the trading experience of XMR investors.    


Is this a Fake Recovery or will XMR Continue to Rise?

Monero price is gaining inside an ascending triangle pattern over the daily chart. The token is hiking towards its breakout from the pattern. Technical indicators also confirm the XMR coin’s recovery phase over the daily chart. Relative Strength Index showcases that XMR coin is heading towards the overbought territory from neutrality. 

MACD exhibits the bullish momentum of XMR coin. The MACD line is ahead of the signal line after a positive crossover.

Conclusion

Monero price is trading inside an ascending triangle pattern over the daily chart. The XMR token has gained around 10% of its market capitalization in the last 24-hour period. Long term view of XMR coin according to Fib Retracement can be seen over the chart. Fib Retracement shows that Monero can hike towards $397 level at first and then may break the all time high of $518 registering new all time high at $571 in the near future. XMR investors need to wait for any directional change over the chart as bears may interrupt this recovery phase of XMR coin and may try for a pull back.  

Technical Levels

Support Levels: $170 and $150

Resistance Levels: $200 and $230

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.