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.

TradingView: XMR/USDT

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.