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The price of Monero (XMR) has reached intraday highs of $144, with the next target probably being $200 if bulls remain committed to the latest uptrend
The XMR has an intraday peak of $144, with the price of the privacy currency recording an impressive execution in the last 24 hours.
It appears the bulls may be set for another higher closing on the daily chart. The picture will come true if buyers take advantage of the momentum that has seen their price rise by over 10%.
The RSI is pointing north, currently above 61 to suggest that the bulls have control and are likely to strengthen further.
The daily chart also shows a reverse head and shoulders pattern with the likelihood of a new level occurring in the coming days.
The cryptomime has already breached the upper trend line of an ascending triangle, a continuation pattern that suggests the next phase of upward action could lead the currency pair XMR/USD to highs of $150.
Buying-side pressure, as suggested by the volume indicator, will also play an important role in the short-term price perspective of Monero. The price of XMR has often skyrocketed along with rising demand and, as can be seen from the graph above, this is probably the reason behind the latest uptrend.
The XMR/USD pair also violated the Bollinger Bands upper band. If the bulls maintain their trajectory, the next target is $150. Otherwise, prices may fall to the trend line of the rising triangle, with healthy support available around the Bollinger Bands average curve at $127.
Bulls need to keep prices above the middle band, as a break will mean additional downward pressure.
As seen during the Asian trading session, the bears are still very close and Monero may record big losses if it drops below $127.
The scenario is as follows: the XMR/USD pair may fall to the immediate support area around 50-SMA ($ 123). This is a crucial support area, which means that dealer congestion near the level can cause bulls to rely on Bollinger’s lower band support ($115). In addition, prices may fall for 100-SMA ($113).