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Monero Price Prediction: Is the XMR Price Breaking Bullish Now?

 


The Monero price was bearishly rejected almost exactly at the 200-day EMA at around USD 172.5, only to bounce off the 0.382 Fib support at around USD 143.5.


Monero price was rejected in a bearish manner at the 200-day EMA

The Monero price has been in an upward trend since mid-June, moving from around USD 97 to around USD 174.2. Once there, XMR price encountered significant resistance at the 200-week EMA, where Monero price was rejected in a bearish manner. XMR price then returned to the 0.382 Fib support around $143.5 and in the process broke the 50-day EMA bearish.


Nevertheless, the XMR course was able to bounce off the 0.382 Fib level at around USD 143.5. The XMR price is currently encountering significant resistance at the 50-day EMA at around USD 154. In addition, significant Fib resistance awaits the XMR course at around USD 153.5 and USD 162.


Barring a break in the golden ratio around USD 162, the correction remains intact and XMR could potentially move even lower. However, the MACD is giving rather bullish signs in the daily chart, because the histogram has been ticking bullishly higher for a few days. However, the MACD lines remain bearishly crossed and the RSI is giving neither bullish nor bearish signals.


Weekly MACD is clearly bullish

On the weekly chart, it looks like a bearish rejection at the 0.382 Fib level around $170. The 50-week EMA at around $185.5 was untouched in the recent up move. However, this must be broken so that the XMR course has a chance of reaching the golden ratio resistance at around USD 220.


In fact, the XMR price was last above the 50-month EMA in May of this year. However, if the XMR price bounces bullishly at the golden ratio at around USD 125 at the latest, there are still chances of a break of the 50-month EMA resistance.


Finally, the MACD is clearly bullish on the weekly chart. Because the MACD lines have crossed bullishly and the histogram has been ticking bullishly higher for weeks. The RSI is also neutral here.


The histogram of the MACDs is ticking bullishly higher in the monthly chart

The RSI is also neutral in the monthly chart. However, the histogram of the MACD is ticking higher here as well. However, the MACD lines remain crossed bearishly.


For a bullish trend reversal, with chances of a new ATH, the Monero course must first break the golden ratio resistance at around USD 360.


Against BTC, the Monero course was able to bullishly break the bearish trend line

Against BTC, the MACD is clearly bullish in the monthly chart, because the histogram has been ticking bullishly higher for several months and the MACD lines are also bullishly crossed. The RSI is also neutral here.


In addition, the XMR price was able to break the bearish trend line that connects the high points of the past four years. While this is extremely bullish for the XMR/BTC price, the XMR price is now at key resistance. Because the XMR course is currently encountering significant resistance at the 50-month EMA at around 0.00716 BTC.


For a bullish trend reversal and chances of a new ATH, XMR price needs to break the golden ratio around 0.0232 BTC.


XMR price is in a parallel bullish channel against BTC

In the daily chart, the MACD lines are about to cross bearishly and the histogram of the MACDs is also ticking bearishly lower today. Furthermore, the Monero price has been in a parallel upward channel since Monero last bounced off the 200-day EMA in mid-June. Since then, the 50-day EMA has acted as support around 0.0067 BTC .


Elsewhere, Monero finds significant support at the 200-day EMA around 0.0059 BTC.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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