- XMR coin price has reclaimed the 200 EMA in the daily time frame
- The XMR/BTC pair was trading at 0.006376 BTC with a gain of 6.71%
- The 24hr trading volume in XMR coin is $235.7 Million
On 4th August, after showing a minor correction to the $226 support, the XMR coin provides a massive bullish engulfing candle, which has almost engulfed the previous four days of trading activity and reclaimed 200-day EMA. However, today the price has not yet shown a good follow-up, and as it is too close to a $250 resistance level. Thus, XMR traders can wait for the price to break out from that level to get more confirmation.
The RSI (BULLISH) value is at 61, indicating a bullish momentum in the coin.
XMR Coin Crypto Chart In The 4hr Time Frame
The XMR coin shows the price is again facing strong rejection from the $250 level. Thus, this could call for another chance for bears to dip the price back to a lower level if they could take out the bottom support level. However, Before facing the $225 support, the price has another hurdle of $235 level, which could interrupt this upcoming fall.
As per the EMA’s in the 4hr time frame, the XMR coin is trading above all the crucial EMA’s 20, 50, 100, and 200, which is quite great for a bullish rally.
The MACD indicator (NEUTRAL) shows that both the MACD and signal lines are sitting precisely on the neutral zone(0.00), indicating neutral momentum in the coin. However, the indicator shows a strong bearish divergence in these lines, indicating bears are slowly gaining up momentum.
Conclusion: From the technical perspective, the overall trend in the XMR coin remains bearish. Furthermore, as mentioned above, the short bullish rally in this coin is currently facing strong resistance from the $250 resistance level. Thus the XMR traders looking for a long entry should wait for the price to break out from this level before entering the coin market.
Support– $235, $250
Resistance– $250