Monero [XMR] is consolidating in a symmetrical triangle pattern and it is gradually approaching the formation peak to indicate that a breakout is possible anytime soon.
Monero Price Today: Current Price of XMR
At the time of writing, Monero is trading at $130.8 after an increase of 8.27 percent in the last twenty-four hours. The digital currency is ranked 12th with a market cap of $2.54 billion and a trading volume of $89.63 million over the past twenty-four hours.
Monero [XMR] Price Analysis
The longer-term 200-Day simple moving average is above the 100-Day simple moving average to indicate that the path of least resistance is still heading south. In other words, the chance of the coin breaking lower is higher than the chances of breaking higher.
Nevertheless, the gap has closed enough to signal that an upside crossover might be imminent as the momentum of the bulls weakened. The pattern on the chart spans $106.00 to $136.00 so the resulting move might be the same height.
At the moment, the MAs are holding as resistance and they could keep doing so. The value of the coin would need to close over the $130 level to confirm an upward movement or break beneath the $130 mark to indicate a bearish breakout.
The relative strength index is heading south and it has a long way to go before hitting the oversold territories. This means that there is enough bearish momentum to push the value of the coin lower. Also, the stochastic oscillator has a long way to go before it would reach the oversold conditions to indicate bearish exhaustion.
The digital currency market has been experiencing some ups and downs over the past couple of months, and even the top digital currencies in the market are not left out. This has caused most of them to test new lows for the year, but some of them are showing signs of recovery at the time of writing. Monero is not left out also, but the coin is gathering some momentum to breakout anytime soon.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
