Monero (XMR) has been straggling at its low in the second half of the year with the current price of $232.53. In the first half of the year, XMR gave incredible returns. During the entire year, the coin has been above its support line, and in the past few days though the price got tested at the support line but couldn’t break it and declined further.
The coin got tested at the up-trend line for a few days, and the bears successfully pushed down the price. This month, XMR sloped significantly and has been a gainful opportunity for the bears. The price has prompted an upsurge from the exact point, which has been a productive prospect for the bulls.
In the daily chart, the MACD line is above the signal line along with the green candles in the histogram chart. The coin has already ascended tremendously from where the MACD gave a buy signal.
This can be a strong indication of the upcoming bullish momentum. The RSI being at 70, has already entered the overbought zone. There has been an intense volume in favor of bulls after a period of 6 months, and there was isolated bulls’ volume in the second half of the year.
XMR has been mounting from its support line with the favorable bullish volume on the weekly chart. However, the price got tested at the support line several times but failed to decline and took a U-turn. There was a formation of a bullish engulfing pattern in the long-time frame chart, which confirms that more of the bulls are pushing the price up, and an upside trend shall be formed shortly.
The price may head towards its high of $304 once it crosses the up-trend line. In the last week, the coin had ascended tremendously. In the shorter time frame charts like 4-hourly, there is massive support of bullish volume with higher high candles being formed. The technical parameters are also giving a buy signal.
The investors may expect a minimum target of $258 in the daily time frame chart and $304 in the weekly time frame chart with a stop loss of swing low at the support line of $176 in the daily and weekly charts.
