XMR price is standing at $157.6, while seeing an increase of +0.83%. Monero was developed in 2014 with the purpose to provide more anonymity and confidentiality than those offered by other existing cryptocurrency. XMR since inception is considered to be a replacement for Bitcoin in terms of privacy. During the start of 2023, XMR gained bullish momentum to form a high at $187.1.
XMR price gained approximately 29% from the low of $146.3, starting the year relishing gains. Monero price then corrected the bullish rally by dropping approximately 29.15% defeated by the increased participation of bears forming a low at $132 losing all the gains it made in the start of 2023. XMR price is currently stuck in a consolidation zone rising from the low of $132 ranging between $151 and $164 going back and forth for more than a month.
Even if the XMR is able to break the $164 level with active bullish momentum, there are many hurdles for the price before reaching annual highs. There must be high bullish momentum to cross these hurdles which can result in a pullback for the price. On the contrary, if bears can breach the support of $151, the rejection from $145 level can hold XMR price although if bearish momentum strikes the market, there is high probability for the price to reach to $135 level.
The months of February and March have been pretty terrible for XMR, wiping out a significant chunk of gains especially after a bullish rally that provided almost 29% gains to the investors.
XMR Technical analysis:
XMR price trades above 20,50,100 and 200-day EMAs indicating bullish momentum in the price after reaching the demand zone. Monero price has been lingering up and down around the EMAs as price is stuck in a consolidation zone. RSI also states that price is residing in neutral territory with the same pressure from bulls as well as bears. The chaikin money flow score is at 0.2 and is slowly increasing as XMR price heads towards the supply zone. Price has crossed the 20-day SMA of bollinger and is headed toward the upper band which resides near the supply zone of $164. The longs/shorts ratio is 1.15 with 53.52% longs and 47.48% shorts stating increased long position and active participation of bulls in the last 24 hours.
The market structure and price action for XMR price is in an indecisive phase as price is stuck in the consolidation zone. The technical parameters show signs of retest of $164 level and hopefully a break of that level to continue moving upward to the annual highs. Monero price has initiated a upward rally but slow and unimpressive rally, but as the crypto winter is slowly coming to an end, perhaps the XMR price might show bullishness.
Major support: $151 and $135.
Major resistance: $164 and $186.
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