XRM tends towards neutrality, while Bitcoin seems to stabilize above the $60,000 level and did not offer any surprises in the past week.
This decline was driven by the delisting notice of said cryptocurrency by Binance. Then XMR was trading at $165 and dropped to the mentioned $105.
Although the cryptocurrency continues to be traded normally on other exchanges, this delisting and the accusation of being used for fraudulent practices greatly affected its trading.
So right now XMR is doing recovery work from those levels and has done well since then. Last week its price shows stagnation which will be analyzed on the basis of graphic information provided by several media outlets.
Monero Price Chart Analysis
The neutrality that said token has experienced in the last 7 days stands out in the Monero price charts. Although this weekly neutrality comes only from the estimate of the price, since in the graph we saw a decrease that developed between March 15 and 20.
After that, the price has tried to recover and the charts show that in fact the bulls are achieving greater price stability. This would be possible if they managed to overcome the resistance of $145. A level that has been unsuccessfully attempted to recover in the last week.
The next major resistance level is $152 and breaking it would put XMR price on a crucial recovery path.
A positive sign for this token is the movement of the 200 EMA (blue) above all others, which denotes strength in the price recovery.
Now, and referring to the corrections, the bears have not been able to take the price below $130, so this is the first major resistance for XMR. Furthermore, a support level could form around $138 if the price manages to break above the mentioned $145.
The last support could be located at $118, if the price loses $138 in a hypothetical bearish scenario.
Monero’s trading volume in the last 24 hours stands at $41.8 million and presents a decline of 2.5%. Finally, the RSI at 57 indicates a market that is in neutral territory, slightly overbought.
New BTC Movements Will Mark New Levels for XMR.
After the decline caused by the delisting of Binance, Monero has shown signs of strength in its price by recovering to current levels. However, worth mentioning is the great correlation that exists between the price of Monero and BTC.
This denotes that in fact the price of Monero is in line with Bitcoin. A fact that should not surprise us, since as the price of Bitcoin rose, altcoins saw strengthening and many marked all-time highs.
For Monero, the rise of BTC meant a path to its recovery and right now it is at the mercy of the next movements of the largest cryptocurrency.
With BTC above $60 thousand, the bulls of this token will have the opportunity to get stronger. However, the scenario will change if BTC’s strong pullbacks return.
According to CryptoPredictions, Monero started March 2024 at $136,888 and is forecast to end the month at $152,524. During March, the expected high price of XMR is $166,875 and the low is $113,475. Monero is expected to start April 2024 at $154,049 and end the month at $166,749. During April, the expected high price of XMR is $167,016 and the low is $113,571.
The price of XMR for today (25.03.2024) is forecast to be in the price range of $117,435 – $172,699. Monero price is expected to end at $138,159 today.
By Leonardo Perez
