Monero Price Hints Bearish Reversal! XMR Price to Record 10% Correction?

The post Monero Price Hints Bearish Reversal! XMR Price to Record 10% Correction? appeared first on Coinpedia Fintech News

Despite the crypto industry trading under a bearish influence, top altcoins trade positively by displaying an upward trend in their respective charts. Further, the XMR price has added over 4.5% within the past day but continues its struggle to break out, indicating a mixed sentiment in the market.

The Monero price traded in a closed range between $144.3 and $153.6 for a while, following which the market gained momentum, and bulls gained just enough power to break out. After this, the XMR coin price traded between $153.6 and $162.5 for the next nineteen days during this time, the price recorded significant fluctuations in the chart.

As the market volatility grew, the bulls gained momentum and broke out of the range. However, the rally was short-lived as the price faced rejection at $172.5, following which the price traded sideways for about a week. After the news of the Binance exchange delisting the Monero token from its platform, the XMR price recorded a loss of approximately 39% in valuation.

The XMR bulls held the price strong above the crucial support level of $101.9, resulting in a bounce back in the chart. The Monero price recorded a jump of approximately 30.5% in value, after which the price faced rejection at the resistance level of $132.9.

Since then, the Monero price has been trading in a consolidated range between $117.3 and $132.9. The XMR coin is on a path to test its resistance level, but the 50-day EMA acts as a resistance to the price, highlighting an uncertainty in the future price action of the coin.

Will Monero Price Increase?

The Relative Strength Index (RSI) displays a bullish curve above the neutral point, highlighting a strong bullpower in the crypto market. Further, the averages show a constant rise, suggesting the price will continue gaining value in the coming time.

If the market pushes the price above the upper level of $132.9, the bulls will regain momentum and test its upper resistance level of $144.3. Maintaining the price at that level will set the stage for the XMR price to attempt to test its resistance level of $153.6 in the upcoming weeks.

Conversely, if the bears overpowered the bulls, the Monero price would lose momentum and fall to test its support level of $117.3. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $101.9 this month.