Monero, one of the top 15 cryptos of the global market, is seen beaching the 2-year long resistance as it trades at $130 against the greenback. At the time of penning down this analysis, the market sentiment was completely bullish, and Monero has been a strongly influenced crypto so far.
Monero’s 2-year high is the absolute indication of the coin’s strength and the power it holds to be one amongst the top 15 lucrative cryptos of the market.
moonero making a 2-yr high working through VPVR res and starting wyckoffian markup phase pic.twitter.com/qRhCWHcr67
— Josh Olszewicz (@CarpeNoctom) October 12, 2020
Alongside, Monero, over the past 24 hours, has gained handsome momentum, which makes it obvious that the coin is all set to hit the nearest and the major resistance around $150 & $170.
$XMR: Thinking this looks pretty good still, wouldn't be surprised to see this start to move given how long it ranged for. Waiting for huge volume to start coming in. Flip $130 and $170 might be next. #XMR #Monero pic.twitter.com/OzrjbUro5b
— Altcoin Sherpa (@AltcoinSherpa) October 11, 2020
The price dynamics of XMR coin follow the bullish market sentiment, and the privacy-focused coin is on the list of many day traders. The investors will just hit the right chord to invest in the booming crypto of the day.
$XMR has been a straight send
— The Crypto Dog? (@TheCryptoDog) October 12, 2020
Monero Price Analysis
Monero was seen trading at $127 after breaching the 2-year high at $133 and breaching the 2-year long resistance. The 2-week movement of XMR/USD on the intraday chart draws a clear uptrend starting from the start of the month until the time of writing. The price trend of the Monero is breaching the upper BB against the US Dollar due to gain at the price of the privacy-based coin.
The bands are seen widening on the same intraday chart and likely to have a moderate, volatile breakout. With the recent 2-year high hit, XMR retains strong support from 50-day & 200-day daily MA at $123 & $114.5, respectively. The MACD indicator draws a confirmed bullish divergence due to the rise in the price of Monero and breaching the 2-year high. The RSI of XMR is also seen breaching the overbought region at 52.07, with a confirmed inclination towards the overbought region and price-led amplified demand. Based on current price trend and Monero prediction, the coin might continue to trade upwards despite the recent temporary decline.