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Monero price analysis: XMR gains nine percent as bullish momentum takes the price to $217

www.cryptopolitan.com 13 January 2022 19:40, UTC
Reading time: ~3 m

  • The Monero price analysis is bullish.
  • Resistance for XMR/USD is present at $220.7.
  • Support is present at $211.

The Monero price analysis is bullish as it is showing a heightening momentum from the bullish side. The price function has covered an upwards range, as the bullish momentum has proved to be quite a blow for the bears. The price levels have returned to $217, their former high, causing the bearish control to collapse. The support levels are also rising above $211 and may reach a new height soon if the bullish momentum strengthens even further.

XMR/USD 1-day price chart: Bullish momentum strengthens as the price continues upside

The 1-day Monero price analysis shows the coin price has recovered beyond expectation during the last three days. Despite the previous week experiencing a crossover of SMA 20 under SMA 50, the latest trends have proved positive for cryptocurrency as the coin has gained more than nine percent value during the last 24 hours.

XMR/USD 1-day price chart. Source: Tradingview

In the past two days, bulls regained their momentum, and today, the price has broken above $207 resistance. The moving average (MA) is trading at $197. Moreover, the volatility is high, and the Bollinger bands average has been maintained at $212, which has provided a chance to the bulls. The Bollinger band upper value is present at $247, whereas the lower band is present at $176 at the time of writing. The Relative Strength Index (RSI) score has also increased as it is now trading at index 54, indicating strong buying activity in the market.

Monero price analysis: Recent developments and further technical indications

The 4-hours price chart for Monero price analysis shows that the cryptocurrency’s price function has been headed upwards for the last 20 hours, and the coin has gained significant value today as well. No bearish hindrance has been seen today, and the price oscillation has been steady; selling pressure can arise any time as the bulls might be exhausted now.

XMR/USD 4-hours price chart. Source: Trading view

The Bollinger bands average has increased up to $194. The gap between Bollinger bands is widening, which is an indicator of increasing volatility and the future probability of bullish momentum taking over.

The RSI score is also increasing and has entered the overbought range, as the indicator is trading at index 73, whereas the moving average has reached $202.

Monero price analysis conclusion

From the Monero price analysis, it is evident that the bulls are maintaining their lead again. The momentum has been huge and has swept past the bears with a surprising rise in price, taking the value to the $217 level. We expect XMR/USD to correct in the coming hours before continuing further upside late today.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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