- XMR token price is trading at the demand zone after failing to surpass an important supply zone.
- The XMR token price is forming a symmetrical triangle pattern on a daily time frame.
- The pair of XMR/BTC is trading at the price level of 0.007898 with an increase of 1.25% in the past 24 hours.
The XMR token price, as per the price action, is forming a symmetrical triangle chart pattern. The token price is forming lower low formation from the supply zone and higher high formation further from the demand zone. At present, the token is trading in a narrow range and therefore breakout on either side will trigger big moves.
The token price can reach the $155.00 long-term supply zone if it breaks out of the small consolidation range on a daily time frame. On a higher time frame, the token price has fallen heavily and is making a lower low formation. To deny the continuation of the bearish trend on a higher time frame, the token price needs to break out of the symmetrical triangle pattern the n on the upside. The XMR token price is trading in the middle of the Bollinger band indicator, after bouncing off the demand zone.
The XMR token price is trading below all the important moving averages. The 50 and 100 MA can act as a strong supply zone in future as the token price tries to move up. Although the token price has given a breakout of 14 SMA, a breakout of symmetrical triangles is needed for a further up move. Volumes have been on a rise as the token hovers around the supply zone.
The XMR token price is forming a symmetrical triangle pattern on the a daily time frame
Relative Strength Index: RSI curve is trading at the price of 40.52 as the token nears the demand area. At present, the RSI curve has crossed the 20 SMA. The token is forming higher low and higher high formation on a 4-hour time frame as the token shows bullishness in the higher time frame. The XMR token price can be seen moving when it breaks out of the symmetrical triangle patternand the RSI curve moves higher.
Moving Average Convergence Divergence: MACD indicator has given a negative crossover as the token price fell from an important supply zone, the demand zone. The blue line crossed the orange line on the downside. This has resulted in the token price moving down strongly in a 4-hour time frame. Recently the XMR token price rose after the breakout of small support, as a result, the MACD indicator also depicted the same. Once the token price starts moving up again after breaking a small range, the gap between the blue and orange lines can be seen widening supporting the trend.
Supertrend: The XMR token price rose below the supply zone with a strong bearish candlestick pattern. The token broke out of the super trend buy line which triggered the sell signal. As of now the XMR token is trading below the super trend sell signal line. Going forward this line could act as a strong supply zone.
Conclusion: XMR token price is trading in a strong bearish trend as seen on a 4-hour time frame. While on a daily time frame the token price has been consolidating near the demand zone. The token price is forming a symmetrical triangle pattern on a daily time frame. Investors should wait for a breakout of a symmetrical triangle and then act accordingly.
Support: $123 and $135
Resistance: $141 and $155