In new technical analysis, Monero is a privacy and security-focused blockchain network. It processes digital currency transactions at high speed and ensures that user transactions or balances cannot be viewed by anyone else. The transaction fee is also nominal. XMR is the prime governance token of this network.
On April 12, 2021, XMR started trading at $329.25. As of April 18, 2021, XMR closed at $338.48. Thus, in the past week, the XMR price surged by approximately 3%. In the past 24 hours, XMR has traded between $329.43-$348.75.
Day-Ahead and Tomorrow
Currently, XMR is trading at $342.21. A few hours back, XMR was trading at $338. Thus, the market seems bullish as the XMR price has increased.
The RSI indicator has faced rejection at 70% and thereafter fell to the current level of 60%. This implies that buying pressures are high. Thus, we can expect the price to rise further.
The OBV indicator is upward sloping. As both the price and OBV indicators are moving upwards, the bullish forces are strong. Buying volumes are higher than selling volumes. Thus, like the RSI indicator, the OBV indicator too is pointing towards a price rise.
However, the MACD and signal lines are negative. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, the MACD indicator is showing an overall bearish market momentum with intermittent price increases. In conjunction with the other oscillators, we have to wait and watch to confirm if the price rise indicates an uptrend or is an intermittent price correction in the XMR market.
XMR Technical Analysis
As per technical analysis, currently, the price is above the first Fibonacci pivot resistance level of $346.27. If the bulls regain full strength, then we can expect the price to break out of the subsequent resistance levels of $350.82 and $358.21 respectively, in a few hours.
The price has broken out of the 23.6% FIB retracement level of $344.19. Thus, as of now, the price uptrend seems strong. We may expect this bullish momentum to continue tomorrow as well.