Monero [XMR] could post a 10% gain past the $200 mark if these conditions are met..
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the opinion of the author.Â
Monero dipped sharply beneath the $180 stage just a few days in the past however was swift to bounce again and attain the $200 mark when Bitcoin rallied from its vary lows. On the time of writing, Monero was buying and selling inside a spread beneath a bear-dominated space on the chart, however a breakout and retest might supply a chance to purchase XMR.
XMR- 4 Hour Chart
Supply: XMR/USDT on TradingView
Since 12 Could, the worth has shaped a sequence of upper lows, as highlighted by the ascending trendline. Furthermore, it has damaged previous the $190 mark, and the $200 psychological and technical resistance zone has been examined a number of instances prior to now week.
When the worth slipped beneath the $190 mark just a few days in the past, it was thought that the worth would push towards the $150 stage, particularly as Bitcoin was buying and selling inside a spread and weakly bounced from the $28.8k assist.
As an alternative, Bitcoin pushed to the $32k mark, and this push gave some impetus to XMR bulls as nicely. On the time of writing, the $200 zone (pink field) nonetheless put up stiff resistance.
XMR- 1 Hour Chart
Supply: XMR/USDT on TradingView
The H1 chart confirmed a spread between the $193.2 to $201.3 stage over the previous couple of days. This was a short-term consolidation beneath a stage of resistance, with a bullish construction over the previous two weeks on the identical hourly chart. The worth has made a candle wick above each the $179.6 and $204.3 ranges and likewise shaped greater lows at $156 and $168 too.
Due to this fact, a dealer may wish to look to enter lengthy positions, however not instantly as a result of the $200-$205 resistance zone was not but flipped to a requirement zone. Therefore, a breakout from the short-term vary, adopted by a retest of the $201-$204 space, can be utilized to purchase the asset. A drop beneath $190 would invalidate the concept.
Supply: XMR/USDT on TradingView
The RSI oscillated between 45 and 55 over the previous couple of days, which meant the momentum didn’t favor both the consumers or the sellers. The OBV has declined considerably prior to now three days, and the 2 ranges marked on the OBV (dotted white) are locations the place bulls would wish to see the OBV rise previous.
The CMF has been above the +0.05 mark prior to now three days as nicely, which indicated good shopping for stress behind the crypto asset.
Conclusion
If the worth can get away previous the short-term vary, and the OBV rises previous the 2 ranges marked as nicely whereas the CMF stayed above +0.05, it might be possible {that a} transfer upwards might materialize for XMR. In such a situation, a retest of the $201-$204 space can be utilized to enter lengthy positions, with a stop-loss beneath $190. As all the time, risking lower than 1-2% of the buying and selling capital when taking a commerce could be prudent. The $225 can be utilized to take revenue, in addition to transfer the SL to breakeven if that’s the case desired.
