Monero is moving in an uptrend pattern while taking the support of the trend line with the current market price of $148. About a month back, after a constant downfall in price, the XMR token began to mount upwards as the bulls showed buying interest. There was a formation of a bullish engulfing pattern on the daily chart, and the price continued to ascend, closing above the last peak of $132.
Once the Monero price reaches the top horizontal line of $208, a breakout for higher highs can be expected in the long run. The MACD line has been ahead of the signal line for quite some time, increasing the token’s value. XMR is moving in an ascending triangle pattern giving the bulls an opportunity for an up-trend. Additional buyers and supportive volume are required for the continuation of upside momentum.
On the weekly chart, there has been a formation of bullish candles from the last 3 weeks, and the price continues to close above the previous highs. The previous week’s candle shows a significant movement in favor of bulls. The XMR coin has reached the same zone from where it uplifted in the past and reached its higher highs.
Though the technical parameters on the long-time frame chart are neutral, they may change once the Monero price continues to move in the same direction. The bullish investors already in the trade can expect a minimum price of $208.
