Monero Price Prediction: XMR rejected at higher levels, 200-SMA support holds the key
|- XMR/USD hit the highest levels in nine days at $165.66.
- The coin broke the rising channel to the upside on the 4H chart.
- RSI recedes from the overbought territory but stays bullish.
Monero (XMR/USD) witnessed a quick retracement from nine-day highs of $165.66, holding a major part of the intraday gains so far this Sunday.
The digital asset saw a fresh spurt of buying after it recaptured the critical 100 and 200-simple moving averages (SMA) on the four-hour chart.
XMR/USD: Four-hour chart
The bulls extended control, prompting the price to dive out of the rising channel formation. A firm break above the rising trendline hurdle at $157.20, validated the pattern, opening doors towards the measured target at around $182.
Over the last hour, the sellers seem to have fought back, as the price drops back below the pattern resistance now support at $157.20.
If the pullback picks up pace, a test of the key $150 support cannot be ruled out. That level is the meeting point of the horizontal 100 and 200-SMAs.
Further south, the upward-sloping 21-SMA at $146.53 could come to the XMR bulls’ rescue.
The latest leg down is backed by the U-turn seen in the Relative Strength Index (RSI) from the overbought region. The indicator still holds in the bullish region despite the reversal, suggesting that the upside bias remains intact.
XMR/USD: Additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.