Monero halted after trending upward the past month, where to next?

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion

  • The Volume Profile device highlighted heavy resistance at $147.
  • The technical indicators confirmed bulls have some hope, as long as a crucial stage of help was defended.

Monero confronted stern resistance in the $150-$160 area since mid-September. The surge to $160 in early November was rapidly reversed after the FTX implosion performed out on the value charts. At press time, Monero bulls confirmed they nonetheless had some combat left in them.

Read Monero’s Price Prediction 2023-24

Bitcoin continued to defend the $16.2k-$16.6k space over the festive season. The space as far south as $15.8k was one thing BTC bulls should guard so as to hold alive their hopes of a transfer up to $18k.

The $134-$139 area has been defended thus far and the psychological $150 is a goal

Source: XMR/USDT on TradingView

The Volume Profile Visible Range device plotted the Point of Control to lie at $147. The Value Area High and Low lay at $167 and $126 respectively. The complete area from $144-$148 was a high-volume node as per the VPVR.

Hence, this space was possible to pose heavy resistance to the value. A every day session shut beneath the $139.4 stage would point out a shift in favor of the sellers. Even so, the $135 stage can function help but once more and repel the bears.

A secure entry for consumers might be the $134-$140 area, focusing on the Value Area High at $167 to take revenue at. The native high from November at $160 can be used to take a revenue.

The RSI stayed above impartial 50 regardless of the pullback from $151 over the past two weeks. The OBV was much more encouraging and fashioned a collection of upper lows since November. This outlined the presence of regular demand behind the asset.

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The Bollinger bands width indicator was in decline, and its growth will sign a robust transfer was in the making. Based on the OBV, this transfer may see XMR climb greater.

Sentiment in futures market stays bearish for Monero

Monero halted after trending upward the past month, where to next?

Source: Santiment

The funding charge has been adverse for the higher a part of December, even when the value was trending upward on decrease timeframes in the days main up to 13 December. Since that day, XMR has fashioned a collection of decrease highs on the value charts.

The weighted sentiment was adverse since the mid-November surge. Alongside the value, social dominance has additionally been in a downtrend.

Monero halted after trending upward the past month, where to next?

Source: Coinglass

The liquidation chart confirmed numerous lengthy positions worn out throughout the crash that commenced on 16 December, amounting to $206.5 million. At that point, the Open Interest additionally declined considerably in response to the liquidations.

Over the past ten days, the OI slowly climbed greater. However, the value didn’t set up a pattern however fairly bounced between the $140 and $147 ranges. This, alongside the rising OBV, hinted {that a} transfer upward was doable for Monero if Bitcoin doesn’t fall beneath the $16.2k-$15.8k space.

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