Monero Price Analysis: XMR Price Is All Set To Break Above $500

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  • XMR price bounced back from $288 to $326 on Tuesday’s trading session
  • The 24-hour volume in XMR is at $615,496,168 with a 26.58% decrease
  • The XMR/BTC pair was trading at 0.005132 BTC with a gain of 0.27%

The 4-hour technical chart of XMR price forecast a positive trend. According to pivot points, XMR’s critical support level is placed at $288. Whereas if it moves up, the key target price to watch is $500. While diving into the weekly chart of a 4-hour time-frame, it completes a Doji star candlestick pattern representing neither bulls nor bears could gain the upper hand.

EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) intersects above EMA-13,21 (green, yellow), which projects a positive trend. The price is sustaining above 55-EMA (red). Investors may perceive positive crossover in the EMA, and the price will also follow the positive trend.

RSI indicator (BULLISH), with a value of 65, indicates a buy signal in the coin. Moreover, Investors can see an upward slope from 61 to 65 in the index, and it may surge in future trading sessions.

The volume of (846) represents a low buying volume which is below the Volume MA (1.182K) of 20-days. High buying pressure is required in XMR to drive its price to higher levels.

Monero (XMR) Price Buying Pressure is Required

XMR Price traded at $326 with a gain of 5% in the last 24-hour and 16% up in the weekly time-frame. Furthermore, XMR bounced back from the support of $288. In contrast, the market capitalization stands at $5.79 billion. Technically, investors can perceive a positive crossover in the EMA, and the price is above all the EMA. RSI index showcases an upward slope. Moreover, the price movement can be towards the TP- 1 of $500 in future trading sessions.

TP- 1: $500

Support: $288

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