- XMR token price has been bullish for the last couple of weeks as the token price bounced off the demand zone.
- The XMR token price is trading in a small range on a 4-hour time frame.
- The pair of XMR/BTC is trading at the price of 0.0066 with an increase of 0.66% in the last 24 hours.
The XMR token price, as per the price action, is bullish on a daily time frame following the overall bullish trend of the cryptocurrency market. Despite the recent bullishness the token price is yet to break the long-term supply zone. As of now, it has neared the long-term supply zone. The XMR token price has now neared the breakdown zone. On a lower time frame, the token price has started forming higher high formation on a daily time frame. The token price is currently trading in the middle of the Bollinger band indicator after failing to surpass the upper band of the Bollinger band indicator. The XMR token price has been trading above the 50 and 14 Moving Averages for the past couple of weeks after giving a breakout. Moving forward the token price can be seen resting at these MAs. Despite the bullishness, the token price is yet to cross the 100 Moving Average. Therefore moving upwards there are strong chances of the XMR token price facing rejection and falling. Volumes have increased causing the volatility to increase and therefore investors should remain cautious as they can be trapped on either side.
The XMR token price is trading in a small range on a 4-hour time frame
Average Directional Movement Index: ADX curve has been on a downtrend as the token started consolidating near the supply zone in a higher time frame. The ADX curve has slipped below the 20 mark depicting the sideways trend. As of now, the ADX curve is suggesting a cooldown and as a result, the token price is also falling on a lower time frame. For the XMR token to turn bullish, It needs to break out of the small range. This can lead to the ADX curve rising out of the 20 mark supporting the trend.
Moving Average Convergence Divergence: MACD indicator is indicating a bearish trend over a 4-hour time frame. While on a daily time frame the MACD indicator is still bullish. On a 4-hour time frame, the MACD indicator gave a negative crossover where the blue line crossed the orange line on the downside. Once the token price breaks on either side the MACD lines can be seen widening sporting the trend. Until then investors should wait for a clear trend.
Relative Strength Index: RSI curve is bearish as it has started dipping. The RSI curve is yet to cross the halfway mark of 50. Although the RSI curve has crossed the 20 EMA, it must cross the 50 halfway mark. As of now, the RSI curve is trading at the 39.47 level. Investors should wait for the token price to cross the I’m a range on the upside, as a result, the RSI curve can be seen crossing the halfway mark of 50 supporting the trend.
CONCLUSION: XMR token price has been in a sideways trend over a 4-hour time frame. On a daily time frame, the token price is still in an uptrend as it forms a higher high price structure. Once the token price breaks the supply zone of the long term, the technical parameters can be seen turning bullish. Until then investors should wait for a proper breakout and retest.
SUPPORT: $145 and $147
RESISTANCE: $165 and $168
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.