XMR Technical Analysis: Resistance Region Between $276.3 and $273, Crucial Support at $260.8

Monero was launched in 2014, and its goal is simple: to allow transactions to take place privately and with anonymity. XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. Seven developers were initially involved in creating Monero — five of them decided to remain anonymous. There have been rumors that XMR was also invented by Satoshi Nakamoto, the inventor of Bitcoin. Let us look at the technical analysis of XMR.

Past Performance of Monero

It opened at $271.13 on October 22, 2021. It closed at $267.52 on October 28, 2021. Thus, the price decreased by 1.33% over the week. Whereas in the last 24 hours, XMR traded between $260 and $270.26.

Source: https://www.tradingview.com/x/gx7ix7Sj/

XMR Technical Analysis

The price was hitting the resistance region between $276.3 and $273 periodically on October 22, 2021. Thereafter, it took crucial support at $260.8 and broke out from the resistance region. The XMR price hit the resistance at $299.1 and declined to take support at $252.8. A trend reversal can be seen here. Moreover, if the price breaks the resistance levels of $276.3 and $299.1, a sharp uptrend may be seen. The current trading price is 0.3% higher, at $268 than the previous day’s close. This is a bullish signal.

Let us see what the indicators are showing.

OBV is showing a reversal in its trend. This shows that the buying volume is increasing and will put pressure on the price to move upwards.

RSI is at 50.50. It has also started to move upwards, indicating an increase in the strength of price. This is again a bullish signal based on which traders can take a long position.

MACD is forming divergence from the price chart. This is a strong bullish signal as the chart has started moving up, but the MACD and the signal lines are still not following.

Day-Ahead and Tomorrow

Thus, the indicators are suggesting that the XMR price is likely to rise up. If the bulls remain in control, it will be a strong buying signal. However, we cannot rule out the chances of a trend reversal, as happened previously at the resistance level of $276.3. Thus, traders can look for the target of $285.4, while keeping a stop-loss at $255.3.

The FIB numbers show that the price has made the recent reverse at the pivot point of $262.11. Fib level at $268.74 is being tested right now.

   
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