Monero (XMR) Price Breaks Up $244 Level, Targeting $281 Level

Azeez Mustapha
8 August 2021 | Updated: 9 August 2021

Monero (XMR) Price Analysis: August 08

The breaking up of the resistance level of $281 may result to further price increase towards the resistance levels of $322 and $361. Failure to break up the resistance level of $281 may send the price down to the support levels of $244, $189 and $161.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $189, $161

XMRUSD Long-term Trend: Bullish

On the daily chart, XMRUSD is on the bullish movement. On the daily chart, Monero price continue to obey the command of the bulls after the formation of a bullish chart pattern called double bottom. Yesterday, the price increase to test the resistance level of $281. Today, the price respect the mentioned level and pulls back to retest the dynamic support levels.

XMRUSD Daily chart, August 08

Buyers are exerting more pressure on the Monero market, the price is trying to break up the resistance level of $281. The price is trading above the 9-day EMA and the 21-day EMA on the daily chart. The breaking up of the resistance level of $281 may result to further price increase towards the resistance levels of $322 and $361. Failure to break up the resistance level of $281 may send the price down to the support levels of $244, $189 and $161.

XMRUSD Price Medium-term Trend: Bullish

Monero is bullish on 4-Hour chart. The bulls gained more pressure and push up the price. The price eventually breaks up the resistance level at $244. It is increasing gradually towards the resistance level at $281. There is tendency for the price to break up the $281 level provided the bulls increase their pressure.

XMRUSD 4 hour chart, August 08

The 9-day EMA is above the 21-day EMA and the price continue its trading above the two EMAs, which indicate that bulls are in control of Monero market.

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Monero Records Daily Transactions Per Block High as Bullish Momentum Returns

Azeez Mustapha
23 July 2021 | Updated: 23 July 2021

Monero (XMR) recently witnessed a record 57.9 average daily transactions per block, according to a report by the Monero Blocks XMR explorer.

Over the past few days, the cryptocurrency’s blockchain recorded over 40,000 transactions, which surpasses 25% of the average weekly transaction volume.

Meanwhile, XMR trading pairs are also experiencing increased trading volumes on the charts. Most altcoins have recorded significant spikes since the goodish bounce in Bitcoin, with XLM surging by about 13% since the recovery.

However, Monero has failed to establish a healthy footing above the $200 round figure and remains constrained within a range between $200 and $195.

The crypto market at large saw a massive crash over the past few months, starting in May. In the same month, Monero recorded its highest price ever at $517 per coin.

Some technical analysts suggest that XMR remains solidly on critical support that has gotten tested five times in the past five months, from February to July.

That said, the network has recorded multiple trading volume surges that correlate with average transactions per block volume. The former daily transaction high occurred in May, matching the 45% volatility of the XMR/USD trading pair.

Key Monero Levels to Watch — July 23

Monero posted a healthy rebound from the $180.00 level on Wednesday, pushing the price to the $200.00 high. However, this bullish move got contented by bears, who pushed the price down to $196.00 after a prolonged consolidation yesterday.

XMRUSD – 4-Hour Chart

That said, XMR retested the $200.00 level a few hours ago and got rejected again, leaving it range-bound between $200 and $195. The $195.00 support is fortified by the 50 SMA on our 4-hour chart, making a bullish push in the coming hours the next likely course of action.

Meanwhile, our resistance levels are $200.00, $210.00, and $220.00, and our support levels are $195.00, $180.00, and $175.00.

Total Market Capitalization: $1.33 trillion

Monero Market Capitalization: $3.53 billion

Monero Dominance: 0.26%

Market Rank: #27

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.