thenewscrypto.com
- Monero’s price is currently holding around $347
- $XMR could see a move of up to 50% in either direction.
With growing fear and a brief spike in the market, crypto prices have been swinging both ways. It likely triggers clear uncertainty among the traders. The largest asset, Bitcoin (BTC), is currently trading at $109.9K, while Ethereum (ETH), the largest altcoin, is hovering at around $3.8K.Meanwhile, Monero ($XMR) has recorded a 5.36% gain in the last 24 hours.
With the price undergoing moderate bullish pressure in the $XMR market, it is attempting to break the resistance to hit new highs. In the early hours, the asset was trading at $320.57, and gradually climbed to $353.92. At the time of writing, Monero trades at the $347.26 mark, with its market cap reaching $6.4 billion. Besides, the daily trading volume of $XMR is at $162.48 million.
Significantly, Monero has been trading inside a long-term symmetrical triangle. It is signalling a major breakout once the price reaches the apex. A breakout from this structure could lead to a price swing of up to 50%, depending on the direction the market chooses.
Is a Bullish Breakout or Deeper Dip Ahead for Monero?
Monero’s MACD line is above the zero line, and the signal line is found below the zero line, indicating a mixed market signal. The overall bullish momentum is starting to build, but it is not fully confirmed, still in transition. Moreover, the CMF indicator of $XMR is found at 0.11, suggesting moderate buying pressure in the market. The money is flowing into the asset, but not very high.
If the asset’s bullish pressure gained more strength, it could climb to the resistance at the $352 range. Further upside correction would initiate the golden cross to take place, sending the Monero price toward the $357 mark. Conversely, assuming the bearish pressure arises, the price could retrace below the $342 range. Extended losses might trigger the death cross to emerge and drive the price down to its former lows at around $337.
In addition, the daily RSI value of Monero is positioned at around 69.33, signalling strong bullish momentum. The asset may be nearing the overbought zone above 70. Notably, $XMR’s BBP reading settled at 27.36 implies that the bulls currently have the upper hand. It is showing stronger buying pressure compared to the sellers.