XMR Coin Price Analysis: 50%+ Price Jump Drives The Coin Into A Narrow Path
- XMR token price has moved 50% up after the price consolidation and is now moving into a more narrow growth.
- The coin price has been trading above the major EMAs after the consolidation breakout.
- The XMR/BTC pair is trading at 0.007061 with an intraday down move of 1.64%.
XMR coin price boosts 50% after the breakout of the price consolidation. However, it is now correcting again and retracing back to the 0.236 Fib level due to declining buying volume. Also, it is just above 50 EMA in the daily timeframe. The declining volume of the previous fall might indicate that the pullback could be expected soon.
The live XMR price today is $396.47, with a 24-hour trading volume of $564,717,905. XMR is down 5.44% in the last 24 hours. The live market capitalization of the coin is $7,097,399,093.
Third Price Consolidation
XMR token price has been rising higher with the help of the support trendline and 50 EMA in the 4-hour timeframe after the breakout of the consolidation pattern resulting in more than the 50% rise. The coin price is trading inside a consolidation pattern that holds the fate of XMR. The constant support from the 50 EMA has played an important role. The rise of selling volume in consolidation is posing a threat of pullback. The level of $367 and $300 is the immediate support, whereas the immediate resistance level is $440.
The price jump due to the breakout has managed to keep it above the 50 EMA (yellow) and the 200 EMA (white).
The relative strength indicator is trading near 43 and heading lower, indicating increasing bearishness before rebounding from the oversold zone.
The ADX indicates a gaining momentum as it is trading at 17, and the slope in ADX is increasing, implying a gain of momentum.
Conclusion – XMR coin price is trading inside the consolidation pattern and holding the fate of the coin. The increasing selling volume and the bearishness of the RSI indicate the possibility of the pullback. And also, the momentum growth might favor bears if the fallout occurs soon.
Support- $367 and $300 along with major EMAs
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