Monero Price Analysis: Will XMR again Showcase its Potential?


  • XMR fall -3.06% in seven days.
  • The EMA(50) is currently at $150.56.
  • Support for the bears has been established at $139.33
  • Monero is presently valued at $140.51

03 October 2022 : In this article we will walk you through Monero price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Monero, Is XMR a good investment? Monero support & resistance levels etc. But before diving deep into the XMR technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $941,590,143,661. The total trading volume stands at $55,198,944,054. Bitcoin shares 39.79 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,545.78 level after an upward movement of 1.74%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.07 percent reaching to $1,324.93 during the previous 24 hours.
While publishing this blog, BNB traded at $288.25, following a price change of 1.76% within the same time frame. XRP the native coin of XRP is down by -0.8 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.33% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Monero Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Monero (XMR)

XMR Resistance Levels XMR Support Levels
Resistance Level 1 $152.22 Support Level 1 $139.33
Resistance Level 2 $159.37 Support Level 2 $133.59
Resistance Level 3 $165.11 Support Level 3 $126.44

Monero Performance

The current Monero price is $140.51, with a trading volume of $80,558,940.00 in the past 24-hours. Currently, XMR is up by 0.07% since yesterday with a market capitalization of $2,554,790,028.00 USD.

Monero Price Analysis

XMR price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Monero.

Moving Averages Price Indicator
Simple Moving Average (10) 143.98 Sell
Exponential Moving Average (10) 143.47 Sell
Simple Moving Average (20) 144.02 Sell
Exponential Moving Average (20) 143.75 Sell
Simple Moving Average (50) 150.94 Sell
Exponential Moving Average (50) 150.56 Sell

As per the price analysis, the XMR price may find support at these crucial levels of $139.33, $133.59, moving below these levels might bring the price to $126.44. on the other side, the resistance levels are at $152.22 and $159.37. A bullish breakout from the above levels may lead the price to the $165.11. The XMR/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. While XMR’s Williams %R indicator is at -62.4 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The relative Strength Index (RSI) indicates that the XMR coin is in heading towards overbought zone, as RSI is at 51.

Conclusions

XMR price is moving in sideways direction. The battle between the bulls and the bears can result in moving the coin price in either direction. However, The investors are waiting for Monero to make a one directional move to make a good entry in the market.