Monero Price Movement Analysis for 4th April, 2021

Spread the love

For the last few days, the price of Monero has fluctuated significantly. The dynamic market activity took a new turn at the start of April, when participants attempted to build price up from a low of $246. At the time of publication, the stock had risen to $265, indicating that the demand was extremely bullish.

However, such excessive bullishness has also resulted in sharp losses in the market and XMR traders will wish to exercise caution.

Monero 1-hour chart 

According to the latest short-term view of the Monero market, the price has broken out of the descending channel. The price was moved to a support level of $246, during which it rose by 8.40 percent in six hours.

As the price has remained high, sellers in the market may want to realise a profit at this stage, which may drive the price lower to the immediate support level of $260.

Reasoning

Monero, like the rest of the industry, remained highly unpredictable. The bullishness had moved the signal line and the 50 moving average under the candlesticks, establishing an additional degree of support. Despite the presence of solid green bars in the industry, the commodity was not yet overbought.

RECOMMENDED READ:  Bitcoin "Bear Whales" exhibits signs of stress as Analysts Eye Upside

With a value of 64, the relative strength index indicated that the commodity was on the verge of being overbought. Meanwhile, the Awesome Oscillator showed that momentum had turned optimistic. The trend has been growing in favour of the bulls; however, this accelerated momentum may add to the selling pressure that was developing as the market stabilised near $265.

Crucial levels

Entry-level: $266.25
Take profit: $259.75
Stop-level: $268.45
Risk to Reward: 2.95

Conclusion

The new Monero market was seeing the digital asset’s price rise near to the resistance stage of $272. However, before it reaches the resistance level, the price can measure the support level of $260. If XMR prepares to challenge the $272 resistance, this could offer an incentive for traders to short the coin.

 

 154 Interactions,  2 today

READ ALSO:
Cosmos, Decred, Monero Price Movement Analysis for 12th April, 2021

Decred could reach $200 if its press-time support holds. Monero broke out in the opposite direction of an ascending channel, Read more

Crypto.com Coin, Hedera Hashgraph,Monero Price Movement Analysis for 11th April, 2021

Crypto.com Coin was under selling pressure at $0.23, but it still had help in the $0.19-$0.2 range. Hedera Hashgraph would Read more

What exactly is Monero? , Monero (XMR) analysis, experience, benefits, and drawbacks

Monero is a cryptocurrency, a digital product that uses encryption to encrypt transactions. It is the thirteenth largest cryptocurrency by Read more

Uniswap, Monero, Ethereum Classic Price Movement Analysis for 10th April, 2021

If the price is unable to overcome the $32-resistance, Uniswap can fall back to $26.2 support. Monero's bullish movement was Read more

Litecoin, Monero, Chiliz Price Movement Analysis for 9th April, 2021

Litecoin has developed a growing wedge trend and may fall back to $217 in the coming hours, but its long-term Read more

Algorand, Enjin Coin, Hedera Hashgraph, Monero Price Movement Analysis for 7th April, 2021

Algorand waited for more signals to leave its radius. Hedera is a kind of cactus. If the price slips below Read more

Cosmos, FTX Token, Monero Price Movement Analysis for 5th April, 2021

Cosmos was not yet able to break through the $24.5 barrier, and it might also lose ground to the $20.3 Read more

Bitcoin SV, Monero, Waves Price Movement Analysis for 4th April, 2021

Bitcoin SV rose dramatically to $267 before plummeting just as rapidly. Monero saw sellers jump in to push rates below Read more

BAT, Cosmos, Monero Price Movement Analysis for 3rd April, 2021

Basic Attention Token lacked the volatility to support a significant price swing, but market strength was growing. As the price Read more

Augur, Monero, Zcash Price Movement Analysis for 2nd April, 2021

Despite its recent price fall, Augur‘s charts showed that buyer appetite was present, suggesting a fast rebound. Monero has reached Read more

Leave a Reply

Contact Us