XMR price action of late has been turning heads. Yesterday, the price of XMR surpassed $200, which resulted in the crypto market reigniting discussions of XMR reaching over $1000. This is the first time in a while that XMR’s price broke free.
XMR has seen price consolidation periods for two years, and recently we have noticed increases in price breaking through previous highs of $195. This signals that a shift is occurring in the global market situation.
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What you'll learn 👉
Monero Price Chart Analysis
The XMR chart reveals several key factors supporting the recent price surge. Diving deeper into XMR, the past few years have shown an upward trend ever since 2018. Analysts also expect this trend to continue as there has been a positive breakout above the previous resistance of $200.
The current price pattern might be forming what traders call a bullish flag. This pattern typically involves a sharp price increase followed by a period of consolidation. If Monero breaks out above this pattern, it could signal more potential upward movement. However, this pattern is not yet fully confirmed.
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Monero Support and Resistance
The $195 price level, previously a resistance point, has now been breached and could potentially serve as support during future price pullbacks. Additional support zones exist between $150 and $175.
Moreso, the RSI sits above 60, indicating the market might be overbought. This suggests a possible price correction could be coming. Nevertheless, the recent price increase has been accompanied by strong trading volume, which is typically a positive sign for investors.
Finally, Monero’s price breakout has generated considerable excitement in the cryptocurrency market. While further price appreciation seems possible, the current overbought conditions warrant careful attention. Investors should closely monitor the price movement and proceed with caution.
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