Sep 6, 2022
XMR (Monero)- price analysis, chart patterns, description, technical indicators, news…
Technical analysis for XMR (Monero):
Trade setup: Price has bounced off of $140-$150 support zone and momentum turned bullish (MACD Signal Crossover and RSI crossed above 50 centerline). Price could revisit $180 resistance area. (set a price alert).That’s a stiff resistance because it’s also a 200-day moving average and is a level where price got rejected in August after a breakout from Ascending Triangle.
Trend: Downtrend on Medium-Term basis and Neutral on Short- and Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral).
OBV (On Balance Volume): is flat, indicating that volume on Up days is equal to volume on Down days. Hence, demand from buyers and supply from sellers are in equilibrium
Support and Resistance: Nearest Support Zone is $150, then $130. The nearest Resistance Zone is $180, then $200.
Chart Pattern: XMR / USDT:
Profit potential (Buy) +11.75%
Triangle identified at Sep 2, 0:00 UTC. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 174.3254 within the next 26 days.
Technical indicators:
What is Monero?
Monero is a Bytecoin code fork that offers anonymous value transfer through ring signatures, stealth addresses, private transactions, and bulletproofs with a focus on privacy preservation and fungibility. In contrast to its competitors’ optional privacy-preserving features, Monero provides anonymity by default. Monero’s proof-of-work algorithm is constantly evolving to maintain decentralization and thwart ASIC dominance and mining process centralization.
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