Monero Technical Analysis - Will XMR Prices Surpass The $300 Mark? Cryptoknowmics

Описание: Today we present to you a technical analysis of the Monero Token!
XMR, the native token of Monero, a cryptocurrency that allows transactions to take place privately and with anonymity. Since February end, the coin price has been rising gradually and is ready to reach the $300 mark.

Starting with the preliminary price data, let’s see what the token price holds today!
$273.42 at 5:00 GMT, a great hike of 6.86% in the last 24 hours, proves its bullishness!

Presuming the uptrend continues, and we see such gains in the upcoming sessions, Monero will shortly surpass the $300 milestone.
Moving ahead to the other details, the intraday trading volume is almost $408.96 Mn and the live market cap of $4.947 Bn. So, the figures are top-tier and well suited for a token standing firm in the top 35 coins in the crypto-verse.

The XMR/USDT pair shows a solid uptrend in action with hardly any correction crossing below the higher high mark in the uptrend after March. As we can see in the chart, the uptrend initiated close to $150 in late February.

Even to the buyer's surprise, the uptrend in Monero held its own against the increased volatility the market observed in the last couple of months.

https://www.tradingview.com/x/buoyFAb2/
Let us take a more in-depth look into the technical analysis of the XMR token and see what the price action and the technical indicators say about it.

The inflating XMR prices surpassed multiple bearish levels and recently retested the $250 mark before surging 7.25% to undermine the retest phase. The rally continues with the follow-through candle we see forming above the $267 mark.

Further moving to the technical indicators, the EMAs are gaining bullish momentum evidently seen in their upside reversal resulting in the golden crossover and preparing for the 100 and 200-day EMAs bullish crossover. As we all know, a golden crossover indicates a long-term bull market going forward. That’s why the EMAs signal a buying spot.

Moving on to the momentum indicators, the MACD shows a bullish trend in the fast and slow lines after sabotaging a couple of bearish crossovers. The uptrend supports the bullish histogram formation reflecting the surge in underlying bullishness.

The RSI indicator, on the other hand, shows a bearish divergence forecasting a retracement to the support trendline.
In conclusion, the ongoing uptrend shows a boom in buying pressure as the price rises after breaching the $270 mark. Hence, the uptrend will likely reach the $300 mark before breaking the uptrend.
However, as an insurance to the bearish divergence in the RSI, closing below the $250 mark can be an exit point, as it will complicate the uptrend in motion and risk a downfall.
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