XMR price has been stuck in a consolidation phase and is now looking to break the neckline of the symmetrical triangle pattern. Buyers have been accumulating the coin price and setting their eyes on the immediate hurdle of $165. Moreover, the XMR coin managed to move above the significant moving averages in the last session. However, sellers are trying to break the strength of the bulls, but the price is still favoring buyers as it moves above the 100-day EMA.
XMR coin is also looking to clear the neckline that exists near $160, which is the immediate hurdle. If the buyers succeed in crossing above it, their momentum will increase. The buyers have been trying to gain traction from the last sessions as the trading volume shows a significant upside, and the leading indicators indicate an upside move in upcoming sessions.
At the time of writing, the XMR coin is trading at $158.08 with an intraday gain of 1.35%. Moreover, the trading volume has shown a massive upside of 30% in the overnight session.
The daily chart of XMR coin shows that it is moving out of the consolidation phase and is trying to break the neckline of the symmetrical triangle pattern. Moreover, buying conviction is arising from the rising wedge pattern as well, indicating a significant upside of 5% from the current price level.
XMR coin has maintained gains and held the price above the support mark of $150 over the last months. Moreover, the price is crossing above the middle Bollinger band, signaling buying strength.
According to the Fib levels, the XMR coin is trading above the 38.2% level and maintains gains near the neutral mark of $150. Moreover, the parameters are suggesting a bounce from the current levels. XMR coin has gained 5% in the last two trading sessions, showing buyer accumulation. If the move continues, the trajectory suggests resistance marks of $170.
On the daily chart, the XMR coin moves out of the consolidation phase and tries to break the neckline of the symmetrical triangle pattern. Moreover, buying conviction arises from the rising wedge pattern, indicating a 5% upside from the current price level.
Furthermore, over the last few months, the price has been maintained above $150. The price is crossing above the middle Bollinger band, which is a sign of buying strength. Based on the Fib levels, the coin trades above the 38.2% level and maintains gains near the neutral mark of $150.
Moreover, the parameters suggest a bounce from the current levels. XMR coin has gained by 5% in the last two trading sessions, showing buyer accumulation. If the move continues, the trajectory suggests resistance marks of $170.
In conclusion, the XMR coin is looking to break the immediate hurdle and move above the barrier of $160. If it manages to break this resistance, it may lead to an increase in its momentum, driving the price higher. For now, it is essential for buyers to maintain their strength and build further buying pressure to push the price upwards.
The technical levels to watch are:
Support Levels: $150
Resistance Levels: $165 and $170
Investing in or trading crypto assets comes with a risk of financial loss. The views and opinions expressed by the author or any people mentioned in the article are for informational purposes only and should not be considered financial, investment, or trading advice.
