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.
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.
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.
Take profit: $259.75
Risk to Reward: 2.95
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