Even though the cryptocurrency industry is trading under bearish influence, the top altcoins are trading positively with an uptrend on their respective charts. Additionally, XMR price has risen over 4.5% in the past day but continues to struggle to break out, indicating mixed sentiment in the market.
Monero price traded in a closed range between $144.3 and $153.6 for some time, but then the market gained momentum and the bulls just gained enough strength to breakout. After that, the price of XMR coin traded between $153.6 and $162.5 for 19 days, and the price recorded large fluctuations within the chart.
As market volatility increased, the bulls gained momentum and broke out of the range. However, the rise did not last long as the price faced a rejection at $172.5, after which the price remained flat for about a week. Following the news that the Binance exchange has delisted the Monero token from its platform, the XMR price recorded a writedown of approximately 39%.
XMR bulls held the price firmly above the key support level at $101.9, resulting in a rebound on the chart. Monero price recorded an increase of around 30.5%, but then the price was rejected at the $132.9 resistance level.
Since then, Monero prices have traded between $117.3 and $132.9. The XMR coin is on its way to testing its resistance levels, but the 50-day EMA is acting as price resistance and highlighting the uncertainty of the coin’s future price trend.
Also read: Monero Price Prediction 2024, 2025, 2030: Will XMR Price Cross $200 This Year?
Will the price of Monero go up?
The Relative Strength Index (RSI) shows a bullish curve above the neutral point, highlighting the bullish strength of the crypto market. Furthermore, the average shows a continued rise, suggesting that prices will continue to rise.
If the market pushes the price above the $132.9 ceiling, the bulls will regain momentum and test the upper resistance at $144.3. Holding the price at that level would set the XMR price to test the $153.6 resistance level in the coming weeks.
Conversely, if the bears overwhelm the bulls, Monero price will lose momentum and fall to test the $117.3 support level. Furthermore, if the bears continue to dominate the market, the price will fall sharply and prepare to test this month's lower support level at $101.9.
