Monero is busy maintaining its momentum and moving forward. But it must first overcome obstacles. Like any other token.
The token is trying to catch up with the upward slope. Amazingly, the price of XMR has rebounded and is trying hard to keep up with the pace, but XMR seems to be doing a great job as it is now on the green and spreading its wings.
The daily price chart shows that the XMR price is about to rise. Monero is gaining momentum as it approaches the top of the channel and his trendline. For XMR to rebound or cross the target resistance, the coin needs to maintain its current pace in terms of price.
Monero (XMR) Price Jumps 4.33%
For XMR to shoot through hoops at a bullish pace and break the rising parallel channel, the XMR bulls will have to push its up move. is.
In a fragile market, it will be difficult for XMR and other cryptocurrencies to recover. Investors in XMR should hold off on that until the bulls are able to manipulate and hold their current position at the top trendline of the rising parallel channel.
According to CoinMarketCap, Monero’s price is currently trading at $167.68, up 4.33%. As shown in the intraday trading session, he found that trading volume fell by 6.88%. At the time of writing, the bears are attempting to drag the token to the lower trendline of the ascending channel.
Bulls Accumulation Critical to XMR Price Rise
More buyers are needed for XMR price to rapidly approach the channel’s top trendline. However, the change in volume also shows that increasing bullish accumulation is crucial to the XMR price surge. increase. For XMR to show a significant recovery on the daily chart, the price of XMR should approach the top of the trendline.
The daily chart of the XMR price shows the formation of an ascending parallel channel. Additionally, Monero technical indicators show a downward trend for the token in terms of momentum. The RSI at 58 also shows a downward move for XMR approaching the neutral zone.
MACD shows downward movement as XMR slips below the signal line following a failed crossover. Therefore, XMR investors should stay on the sidelines for changes on the daily chart.
XMR total market cap at $3.02 billion on the weekend chart | Source: TradingView.com Featured image from The Market Periodical, Chart from TradingView.com
Monero Faces Pressure to Maintain Rising Pace – Can XMR Overcome Resistance?
Source link Monero Faces Pressure to Maintain Rising Pace – Can XMR Overcome Resistance?