• Monero price trades in the green, around $204.92 on Tuesday after holding its ascending trendline support the previous day.
  • The technical outlook suggests a reversal ahead as XMR’s MACD indicator shows a bullish signal.
  • A daily candlestick close below $180.79 would invalidate the bullish thesis.

Monero (XMR) price trades in green around $204.92 on Tuesday after finding support around its ascending trendline the previous day. The technical outlook suggests a rally ahead as XMR’s Moving Average Convergence Divergence (MACD) indicator shows a bullish divergence, hinting at double-digit gains.

Monero bulls remain strong 

Monero price retested and found support around the ascending trendline (drawn by connecting multiple swing low levels from mid-November with a trendline) on Monday and bounced off 1.08%. At the time of writing on Tuesday, it continues to trade higher, around $206.77.

If XMR continues its upward momentum, it could extend the rally by 12% from its current levels to retest its December 16 high of $232.

The Relative Strength Index (RSI) on the daily chart reads 58, above its neutral level of 50, and points upwards, indicating bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover on Monday, suggesting an upward trend.

XMR/USDT daily chart

XMR/USDT daily chart

Another bullish sign is Coinglass’s XMR long-to-short ratio, which reads 1.20, the highest level in over a month. This ratio above one reflects bullish sentiment in the markets as more traders are betting for the Monero price to rise.

XMR long-to-short ratio chart. Source: Coinglass

XMR long-to-short ratio chart. Source: Coinglass

However, if XMR breaks below the ascending trendline and closes below $180.79, it could extend the decline to test its December 20 low of $167.


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin holds near $100K ahead of Donald Trump's inauguration

Bitcoin holds near $100K ahead of Donald Trump's inauguration

Bitcoin's (BTC) price edges slightly lower and trades around $99,200 on Thursday after rallying 4% following the previous day’s US Consumer Price Index (CPI) release. Despite this recent rise in BTC prices, traders should keep watch on US Retail Sales data for December on Thursday, as it could provide more volatility to Bitcoin price.

More Bitcoin News
Upbit crypto exchange faces suspension in South Korea over alleged KYC violations

Upbit crypto exchange faces suspension in South Korea over alleged KYC violations

Upbit, South Korea’s largest cryptocurrency exchange, is facing potential regulatory sanctions for alleged Know Your Customer (KYC) violations. The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission (FSC) has issued a suspension notice to the exchange, sparking concerns across Asian crypto communities.

More Crypto News
Is DeFAI’s next narrative in crypto-space?

Is DeFAI’s next narrative in crypto-space?

The K33 report on Tuesday highlights DeFAI’s potential to revolutionize the crypto space by merging DeFi (Decentralized Finance) with AI (Artificial Intelligence). DeFAI's main focus is on abstraction layers, trading agents, and research agents to enhance usability, trading efficiency, and informed decision-making.

More Cryptocurrencies News
Ethereum Price Forecast: ETH could rally above $4,400 despite increased staking withdrawals

Ethereum Price Forecast: ETH could rally above $4,400 despite increased staking withdrawals

Ethereum is up above 5% on Wednesday as market participants reacted positively to the US Consumer Price Index data release. Despite increased staking withdrawals and disappointing ETF flows, Ethereum could rally above $4,400 if it validates a rounded bottom pattern.

More Ethereum News
Bitcoin: Room for a recovery or continuation of the pullback?

Bitcoin: Room for a recovery or continuation of the pullback?

Bitcoin’s price slightly recovers and trades around $94,700 on Friday after declining nearly 6% earlier this week. US Bitcoin spot Exchange Traded Funds data shows signs of mild recovery, with a total net inflow of $462.2 million until Thursday.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP