XMR Price Rises 5% as Bulls Take Control
The privacy-focused cryptocurrency Monero was the market’s highest earnings on Thursday, up 5% in the past 24 hours. Price rally is a battle with the wider crypto market.
With bullish bias against Altcoin, Monero appears ready to maintain its uptrend in the near term.
Monero climb, bullish momentum shows strength
XMR is consistent Trading beyond the uptrend line has been provided since December 9. During this period, the price of the token fell only once on this trend line, rebounding rapidly and returning to the uptrend. This behavior shows that the Bulls have been actively defending the $220.74 support level.
By connecting the lowest points of the price list, an uptrend line is created, thus creating an upward slant line. This indicates that the asset is in an uptrend, with each successive low point higher than the previous one. This shows that demand for assets is growing.
The trend line acts as support, and it shows the potential to continue moving upwards when the price remains above the line.
In addition, the stable upward trend of XMR in the wider market merger has prompted it futures Traders require a longer position than short positions. This is reflected by its length/short ratio, with a length of 1.05, and at press time, the coinglass time was 1.05.
This ratio compares the number of long-term positions in the market (bets will rise) with short positions (bets that fall) . When the ratio is higher than 1, this indicates that the longer position is longer, which means Bullish businessman’s sentiment.
XMR Price Forecast: Bullish Momentum May Drive Price at $289
On the daily chart, XMR Relative Strength Index (RSI) is on an upward trend of 58.53, confirming the demand for altcoins.
This momentum indicator measures the oversold market conditions of assets. Its ranges from 0 to 100, with a value above 70, indicating too much assets and is corrected. On the other hand, the value of under 30 indicates that assets are out of reach and may witness a rebound.
XMR’s RSI said in 58.59 and uptrend that assets are in bullish areas and price momentum is more stressful than selling. If the purchase continues, the price of XMR may rise to $289.11, with a maximum price of April 2022.
On the contrary, negative changes in market trends May cause XMR Losing recent gains. In this case, its price may attempt to be below the support provided by its uptrend line, at $220.74.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
