<em><strong>The Monero (XMR) price action showcases the wedge breakout rally exceeding the 50-day SMA, teasing a jump to the $175 mark.</strong></em>
<h3>Key Technical Points:</h3>
<ul>
 	<li>The XMR prices increased by 3.73% in the last 24 hours.</li>
 	<li>The price action shows the wedge breakout rally jumping above the $150 mark.</li>
 	<li>The 24-hour trading volume of Monero is $189 Million, indicating an increase of 14%.</li>
</ul>
<h3>Past Performance of XMR</h3>
As we mentioned in our <a href="https://www.cryptoknowmics.com/news/xmr-technical-analysis-exiting-the-wedge-hints-bull-run-for-monero" target="_blank" rel="noopener">previous article</a>, the XMR prices continue to inflate and reach the $150 mark as the wedge breakout rally gains momentum. The bullish trend accounts for a price jump of 25% in the last ten days and exceeds the 50 days average line. Additionally, the increase in trading volume supporting the bull run increases the likelihood of an uptrend exceeding the $150 mark.

<img src="https://s3.tradingview.com/snapshots/n/nSNrFT6U.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/nSNrFT6U/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>XMR Technical Analysis</h2>
XMR price chart showcases the bullish trend approaching the 100-day SMA as it crosses below the 200-day SMA. Hence we can expect the bull run to retest the 100-day SMA accounting for a 13% price jump.

The RSI indicator showcases a gradual growth in the underlying bullishness as the RSI slope sustains in the nearly overbought territory with the support of the 14-day SMA.

Furthermore, the MACD indicator reflects an increase in the buying pressure as the fast and slow line maintains a bullish trend in the positive territory. Hence the technical indicators maintain a positive outlook for the upcoming trend in the Monero prices.

In a nutshell, the XMR technical analysis forecasts a positive trend approaching the $175 resistance level shortly.
<h2>Upcoming Trend</h2>
If buying pressure for the Monero (XMR) prices sustains over the week, we can expect the bull run to exceed $175 and attempt to cross the psychological mark of $200.

Conversely, a Bullish failure to sustain above the $150 mark downfall will retest the 50 days average line at the $137 support level.

Resistance Levels: $175 and $200

Support Levels: $150 and $137

XMR Technical Analysis: Wedge Breakout Rally Beats 50-Day Average

The Monero (XMR) technical analysis showcases the wedge breakout rally exceeding the 50-day SMA, teasing a jump to the $175 mark. 

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

XMR Technical Analysis: Wedge Breakout Rally Beats 50-Day Average

Top Picks