September 7, 2021 / Analytics

Monero Price Analysis: The Positive Trend Will Keep On XMR Market

xmr monero

Monero (XMR) cryptocurrency rate has consolidated above the resistance barrier around $ 309 and continues to grow. Therefore, XMR should rise to $ 348 by September 14th.

Key Points

  • XMR price is trading above the 100 hour moving average ($ 308).
  • A bullish trend line has formed with support around $ 293 on the hourly chart.
  • The nearest barrier to resistance is at $ 348.

Correction ended in the Monero market on September 1, and XMR value began to rise. The asset added 14% in price over the week: from $ 280 to $ 321 (Kraken data). The bulls broke through the resistance barrier at $ 308 again and were able to keep XMR rate above this mark.

XMR price dropped below the 55 hour exponential moving average and the trading volume contracted. Therefore, the cryptocurrency may fall in price to $ 295-300 over the next two sessions. There is an uptrend line that emerged in this zone on July 20. It is unlikely that the bears will be able to take this obstacle, so the asset rate will push off the barrier and go up.

xmr chart

Most likely, Monero price will reach 50% Fib ($ 348), fixed during the dump from $ 520 to $ 178. If the number of purchased coins increases, then the value of XMR will exceed $ 348 and rush to the next obstacle in the region of $ 389.

The Positive Trend Will Continue In Monero

The developers implemented a new service on the XMR blockchain – Atomic Swap, which allows converting Monero to Bitcoin (BTC). In this regard, there was an increase in the hash rate of the decentralized network, which in turn led to an increase in the value of the coin. The computing power reached a record value in the last six months (3.12 GH / s) on September 4.

xmr chart

The Power Indicator also speaks in favor of continuing the bull run. Now the indicator indicates that the market is under the control of the bulls. The value of the relative strength index is fluctuating in the neutral zone, respectively, XMR has not yet reached the overbought zone. Judging by the previous impulse movement, Monero’s value will rise to at least $ 380 before correcting 15-16%.

xmr chart

Technical indicators:

  • 4 hours MACD is in a bullish trend zone.
  • 4 hours RSI is above 50 (in the neutral zone).
  • Major Support Level – $ 308.
  • Major Resistance Level – $ 348.
  • The nearest pivot points are $ 304 and $ 319.
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