Price Analysis View Non-AMP

XMR Price Breaks Key Levels, Traders Eye $367 Next!

Published by
Shrishesh Tanksalkar

Monero is back in the spotlight after a swift rally that has caught the eye of both crypto traders and privacy advocates. The current XMR price stands at $336.63, up 9.36% in just 24 hours and gaining 5.89% over the week. With its market cap surging to $6.21 billion and daily trading volume reaching $208.28 million, this privacy-based token is signaling renewed interest driven by several important factors.

Monero Price Analysis

From a technical standpoint, XMR’s price has convincingly broken out above its 30-day SMA at $307.81. And also, the crucial Fibonacci 23.6% retracement level at $327.76. This breakout, accompanied by daily lows of $305.20 and highs touching $336.30, marks the beginning of a broader bullish trend. Traders interpreted the move above the $330 area as a bullish confirmation.

Even though momentum indicators like the MACD histogram remain negative (-1.22), suggesting some lingering caution. The RSI holds steady near 52.68. The price is also climbing within an ascending channel, hinting at sustained buying interest. Looking ahead, a decisive close above the October swing high at $345.99 could launch the next price targets at $367. A move above which could open the doors to $393. 

It is worth noting that volume remains a crucial metric. Sustained trading activity above $200 million per day would cement the bullish case and confirm underlying trend strength.

FAQs

Why is Monero price going up?

The rally is mainly fueled by revived interest in privacy coins, a successful network upgrade, and a powerful technical breakout above key resistance levels.

Is Monero currently overbought or oversold?

With the RSI at 52.68, Monero is sitting comfortably in neutral territory, so neither condition applies right now.

What XMR price levels should traders watch next?

If the price closes above $345.99, targets of $367 and $393 come into play, especially if volume stays consistently above $200 million per day.

Shrishesh Tanksalkar

Shrishesh is a versatile writer with 2+ years of experience in cryptocurrencies. An engineer turned storyteller, this selective introvert is a wannabe biker on weekends.

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