- Monero surges 7% breaking above key EMAs with strong bullish momentum indicators.
- Next major resistance expected at $400, backed by high volume and positive market sentiment.
Monero (XMR) has shown a spectacular recovery in the last trading sessions, as the altcoin is making an impressive recovery that has attracted both technical and fundamental analysts. Trading at $330, XMR has gained about 7% as per the CoinMarketCap data, with the trading volume increased by almost 47%, which means that the privacy-oriented digital asset is of great interest to both institutions and retail investors.
The technical outlook of Monero gives a strong bullish story in various periods. Most importantly, XMR has managed to regain its levels above both critical exponential moving averages, and it is currently trading above the 50-day EMA at $281.91 and the 200-day EMA at $275.50. This placement is especially important because it is a breakout of the consolidation period that was much of the summer months ,where the price action was limited between these important technical levels.
The momentum indicators are also giving a picture of the short to medium-term prospects of XMR, which is becoming more optimistic. MACD has become decisively positive, and the histogram indicates that the green bars are growing with an indication of an increasing upward momentum. This is a bullish crossover, coupled with the MACD line crossing the signal line, which suggests that the recent price explosion is not just speculative.
What Next For XMR Price?
Moreover, the RSI (Relative Strength Index) of 74.84 indicates the positive momentum as it approaches the overbought zone, meaning that there is still a possibility of a further upward trend before it faces strong resistance. The present RSI value shows that there is a great buying pressure without extreme values that normally lead to short-term corrections.
The mood in the market towards Monero has changed significantly to the positive side, with the sentiment indicator reading at 4.07 indicating an increasing confidence among traders and investors. This change of heart seems to be justified by technical breakouts, as well as general market dynamics that are favourable to privacy-oriented cryptocurrencies.
In the future, the psychological level of $400 resistance of XMR seems to be the next major resistance point. This target is about a 42% increase over the present levels and is consistent with past resistance areas that were set in the past bull markets. The technical indicators are strong, the volume is growing, and the sentiment is positive, which means that Monero has a good chance of reaching this target in the next few weeks, assuming that the overall situation in the cryptocurrency market is favourable.
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