Monero (XMR) reached its peak level in three months in the face of problems in the crypto market.
XMR has been gaining momentum since June 13 as it hit its highest highs in the past few months.
The token has been in an uptrend for the fourth day in a row and is in a fever today with an intraday high of $153.09 which is by far the highest gain it has had since June 13th.
With this big move, XMR/USD has set its targets at a new resistance level at $155, which will be considered a price ceiling for many traders. This new price ceiling will appear in tandem with another resistance level.
Monero hits a bull market at $175
Two things can happen: the bears may view the market scenario as overbought and then re-enter, or may even push other bulls to empty their recent positions. On the other hand, if there is a breakout, then Monero could push the bullish rally towards a higher $175 ceiling.
XMR was able to break through its support zone and is now trying to retest the trend line. XMR is currently using an ascending triangle pattern.
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The market cap of XMR/BTC is up 0.67% and is currently trading at 0.006390; appears within the last 24 hours.
XMR is showing a downtrend after it successfully broke through the long-term resistance zone and reversed the supply zone at $135.
It retests this resistance level, making higher highs and higher lows. Now he has tried to make a contrast and form lower lows and lower highs in a shorter period of time.
XMR total market cap at $2.76 billion on the daily chart | Source: TradingView.com
The Monero coin is showing a bearish movement as it was able to cross the zone of long-term demand.
The bearish trend triggered a breakout at $200, signaling a selloff. Now the coin is trading below the supertrend line, which works as resistance.
Thus, if XMR is able to break out of its triangle pattern, it will show a bullish band in price. If it fails to hold the $200 supertrend line, the price could drop to $100.
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XMR Forms a Falling Wedge Pattern
If the $135 supply zone is breached, it could push the price up to $175. XMR is currently forming a falling wedge pattern, aiming for lower lows and lower highs.
Consequently, the Average Directional Movement Index (ADX) has plummeted over the past few days and further dropped below 20 as the coin faced rejection in the $135 zone.
On the other hand, the ADX curve is currently showing some recovery and has started an uptrend.
In general, at the time of publication, the situation with the cryptocurrency looks bullish: the resistance zone ranges from $135 to $175.
Featured image from Coin Central, chart from TradingView.com
Credit : www.newsbtc.com