Will it be able to break out of the $200 level after a retest?

• The price of the Monero cryptocurrency has so far managed to defend its major moving averages.
• XMR price is triggering a breakout from a flag and pole pattern, which is a bullish sign.

Since July 2022, the price of Monero (XMR) has been struggling below the $180 hurdle, but buyers have managed to defend the $100 levels. Monero Price Prediction This suggests a bounce after finding support from major moving averages.

of XMR Cryptocurrency Price There were multiple attempts to break out of the $180 level but failed. The price has shown strength since the first week of February and has risen by defending the last swing lows.

In the last week of August, the digital asset price showed weakness as it faced resistance from major resistance levels. However, buyers are interested and are heading towards the $180 hurdle. XMR price has broken out above the 200-day EMA, indicating buyer interest.

Monero Cryptocurrency Price Overview

At the time of writing, Monero Crypto It was trading at $164.97, up 2.01% in the last 24 hours. Its market cap is $3.01 billion, with a 24-hour trading volume of $60.96 million.

XMR Price Performance

Based on Monero Price Performance aside, price has remained fairly neutral over the past two years.

It fell 2.35% in the week, but rose 4.49% in the last month. Looking at a broader time frame, the price remains slightly bullish, rising 12.62% in the past six months and 16.01% in the past year.

XMR is Bullish in a Bearish Period. What Happens Next?

Kimz (@SpyMk2124) tweeted, XMR Crypto Holdings are strong. Monero cryptocurrency price remains bullish on this bloody morning. Holdings are strong and technical charts are in favor of bullish momentum.

XMR price triggers breakout from flag pole pattern

According to the technical chart, Monero Cryptocurrency Price We saw a breakout from the flag and pole pattern. After the breakout, the price headed to retest and was almost successful.

Assuming the digital asset price continues to trade above the major moving averages, it could be a bullish signal. Assuming the price trades with enough volume above the $180 hurdle, it could rise to $200 levels within a week. The price could continue to rise.

Conversely, if the sellers sink the price below the 200-day moving average, it may be a sell signal. On the daily chart, the price is rising with the support of the trendline. Assume that the price triggers a breakdown from the trendline, which could lead to profit taking at higher levels.

Regarding technical indicators, Monero Crypto The price has risen above the major moving averages, indicating a bullish forecast, the MACD and signal line have crossed the zero line and the histogram has turned green.

Monero Price Analysis and Forecast

XMR price has shown bullishness at the ascending trend line and has broken through the major moving averages. According to the chart structure, the price of Monero cryptocurrency has not been able to surpass the $180 level for the past two years.

of Monero Price Prediction This shows a bullish forecast based on the technical charts: the price is rising by reaching the ascending trend line support and a major resistance zone.

Skill Level

The XMR cryptocurrency price is expected to face resistance at the $165 and $180 levels, with support likely at the $145 and $115 levels.

Disclaimer

This article is for informational purposes only and does not provide financial, investment or other advice. Neither the author nor any person mentioned in this article is responsible for any financial losses that may occur from any investment or trading. Always do your research before making any financial decisions.