XMR Technical Analysis: Price Is Below the First Fibonacci Pivot Resistance Level of $213.93

Monero is a privacy and security-focused blockchain network. It processes cryptocurrency transactions at high speed and ensures that user transactions or balances cannot be viewed by anyone else. The transaction fee is also low. XMR is the prime governance token of this ecosystem and its technical analysis is as follows:

Past Performance

On Jun 21, 2021, XMR opened at $264.70. On Jun 27, 2021, XMR closed at $211.20. Thus, in the past week, the XMR price has declined by roughly 20%. In the last 24 hours, XMR has traded between $195.88 – $213.97.

https://platoaistream.net/wp-content/uploads/2021/06/xmr-technical-analysis-price-is-below-the-first-fibonacci-pivot-resistance-level-of-213-93.png

Day-Ahead and Tomorrow

Currently, XMR is trading at $211.18. The price hasn’t changed much from the day’s opening price of $211.20. Thus, the market seems neutral with equal buying and selling pressures.

The MACD and signal lines are turning positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is becoming bullish. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 52%. It faced rejection at 60% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the XMR price.

However, the OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. High selling activity will push the price further down. 

In short, the RSI and OBV oscillators have given negative signals whereas the MACD indicator has given positive signals. Thus, as of now, the overall market momentum is bearish. However, we have to wait and watch if intermittent price increases are market corrective action or signs of an impending uptrend.

XMR Price Analysis

Currently, the price is below the first Fibonacci pivot resistance level of $213.93. It may soon fall below it and further below the Fibonacci pivot point of $207.02. Thereafter, we have to wait and watch if the price falls further or starts rising again.

The price may soon test and fall below the 23.6% FIB retracement level of $209.70. The price may further fall below the 38.2% FIB retracement level of $207.06 as well. By day close, if the price retests and rises above these levels, then probably a price uptrend has set in. In that case, the price may continue to increase tomorrow as well.