- Monero (XMR) held above critical support, and buying pressure brought the XMR price back to its $370 resistance area.
- The XMR was trading above critical moving averages, and RSI was showing buying pressure without becoming overbought.
- Interest levels were high, and the short-term liquidations recorded recently favored the rally in prices.
Monero (XMR) continued to trade with a bullish sentiment in the latest session while consolidating at the $369 price level despite its recovery from a sharp intraday pullback.As of press time, XRM saw an increase of 0.93% in the last 24 hours due to buying pressure after a brief fall to $359.
Monero (XMR) Holds Strong Above Key Technical Levels
The range of trading for Monero (XMR) was between $368.08 and $368.76, and the cryptocurrency held above all the important exponential moving averages. Monero (XMR) traded above 20, 50, 100, and 200 EMAs during the latest period.
The 20-day EMA had been trading near $361.49 while staying above all other long-term moving averages, indicating that there was indeed an ongoing bull structure trend pattern.
Source: Trading View
Furthermore, the stock price had remained above the 20-period simple moving average, which was trading around $360.39, indicating that the buyers had been protecting the higher levels.
Momentum indicators provided confirmation about the presence of buying activity in the market. The Relative Strength Index had stood at 60.59, indicating demand without breaching the overbought territory.
Technical analysis observations
- Price maintained itself above the 20, 50, 100, and 200 EMAs
- RSI was at 60.59, confirming buying momentum.
- Immediate resistance remained between $370 and $372.
Resistance Near $370 Remains the Next Level to Watch
Price action continued to approach a significant technical zone between $370 and $372. According to the Trading view technical chart, a breakout of the level of $370 would lead to the next move towards $375. At the same time, the market continued to monitor nearby support levels should buying momentum weaken.
Immediate support remained around $367.84 after the latest breakout above that level. Further support was established around $361.50, then $360.40, $358.86, and finally $357.20. A more significant support was located at $346.74.
In addition, the most recent price formation continued generating successive higher high and higher low formations, supporting the existing uptrend during the observed trading period.
Monero (XMR) Derivatives Market Data Reveals Continuous Market Activity
The derivatives-based signals continued reinforcing the technical picture. The open interest continued being high even though it declined a little bit from its previous peak.
The stable price level, along with the continued open interest, was indicative of the ongoing participation in the derivatives market. On the other hand, high leverage implied the increased likelihood of liquidations in case of rising volatility.
The positioning was characterized by moderate bullishness. The ratios of the long to the short accounts have remained above 1.12 for the entire period under consideration, meaning that there are more long accounts than short ones.
Additionally, the most recent liquidations have indicated the existence of short squeeze. In the last four hours, $798 worth of short liquidations have been identified along with the increase in the price, helping in the recent move up. The drop in the liquidations is indicative of the balanced market scenario while still offering room for short coverages.
Market metrics
- Long-to-short account ratio remained above 1.12.
- Short liquidations totalled approximately $798 over four hours.
- Open interest stayed elevated despite cooling from earlier peaks.
Monero (XMR) Maintains Focus on Breakout Confirmation
Present technical conditions saw focus remain on the resistance at $370 level. Levels above recently recovered support at $367.84 made the present technical setup even stronger, while remaining above the moving averages ensured that the current uptrend continues.
Breaking through the resistance at $370-$372 would see the present rise extend towards $375. Failure to hold support above $361 could see short-term profit taking occur before any further upside push.
Frequently Asked Questions
What is the closest resistance for Monero (XMR)?
The nearest resistance level is at the level of $370-$372, while $375 can be considered the next one in case of a breakout.
What are the main levels of support for Monero (XMR)?
Main levels of support are at $367.84, $361.50, $360.40, $358.86, and $357.20, while the most powerful one is at $346.74.
What does the derivatives data reveal?
The open interest is high, the longs exceed the shorts and there have been short liquidations amidst the latest rally.
