Some of the top privacy-centric cryptocurrencies in the market are looking bullish despite recent crypto market corrections. Monero (XMR) seems to maintain its rally as most Altcoins seem to have entered a stagnation period. Following the token’s bullish momentum, its ascent paused under $150 on XMR/USD as consolidation persists. XMR/USD price has managed to hold above the $125 zone while volume dissipates. XMR registered an intraday high at $144.77 after attempting daily lows of $132.01. The cryptocurrency is down nearly 10% from its yearly high of nearly $150, reached on Nov 24. The market cap currently stands at $2.43 billion, ranking XMR 15th on the Coinmarketcap table, with $1.52 billion in trading volume over the past 24 hours. XMR is currently trading at $138 and awaits a clear breakout or breakdown from its upside channel. Microsoft issues a warning on Monero to organizations asking them to stay vigilant against crypto-jacking as a possible decoy tactic. It’s intelligence team said a group called BISMUTH hit government targets in France and Vietnam with relatively conspicuous Monero mining trojans this summer.
*XMR registered an intraday high at $144.77 after attempting daily lows of $132.01
*Following the token’s bullish momentum, its ascent paused under $150 on XMR/USD as consolidation persists
*Microsoft issues warning on Monero to organizations asking them to stay vigilant against crypto-jacking as a possible decoy tactic
Resistance Levels: $160.00, $150.00, $145.00
Support Levels: $130.00, $120.00, $106.00
XMR/USD Daily Chart: Bullish
XMR/USD Daily Chart
XMR/USD is trading around the $140 – $130 upside trough, established in October of 2020, which is holding up its positive price action after it hits a yearly high of $149.70. Nevertheless, the dictating moving averages (MAs) are endorsing the predominant bullish direction as price lifts off the MA 50 zone at $125 during its correction.
The daily Relative Strength Index is displaying strengthening positive momentum beyond its midline promoting an upside retracement in price maybe towards a $150 horizontal resistance level. If buying interest intensifies, initial resistance may occur at the nearby high of $145.73. On the flip side, if sellers retake the reins, and slide under the MA 50 at the $125 low, early downside constrictions may arise from the crucial support section of $120 -$106 levels.
XMR/USD 4-Hour Chart: Ranging
XMR/USD 4-Hour Chart
Monero has established an ascending higher high pattern on the 4-hour time frame chart, which is on the verge of a massive breakout or breakdown. The price has just rebounded around the 4 hour MA 50 at $132.86, and the token is now heading at the $140 mark. Failure to ignite a rally above the $145 level this week could see the XMR/USD pair testing back towards the $120 level.
All in all, XMR/USD continues to maintain a steady bullish demeanor and a return to break beyond the $145 mark may reinforce this view. Yet, a shift in the XMR trend sustained beneath the $135 and the MA 50 could hurt the broader positive outlook. The XMR/USD pair is only bullish while trading above the $120 level, key resistance is found at the $145 and the $150 levels.
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