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
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
