Monero Price Analysis: XMR Token Above $500 What’s Next? Pump or Dump

Fibo Quantum

  • Monero token break above our given targets of $500 on intraday session
  • The 24-hour volume in XMR is at $1,678,417,170 with a 216% increase
  • The XMR/BTC pair was trading at 0.008746 BTC with a gain of 19.84%

The daily technical chart of Monero token price action projects a very bullish trend. According to pivot points, XMR’s critical support level placed at $328. Whereas if it climbs up, the essential target price to watch is $650. The weekly chart of a 4-hour time frame shows a bullish engulfing candlestick pattern showcasing only bulls are in the game.

The Moving Average (MA) Exponential Ribbon consists of 8-EMA, ranging from EMA 20-55, acts as solid support in the asset price action. Investors may observe the ribbon has expanded, and the price is way above the ribbon, so until the price remains above the ribbon, Ensuring Monero’s bullish trend continues.

The stochastic RSI indicator (BULLISH) showcases a solid positive momentum with a value of K-70 and D-44, indicating a buy signal in the coin. Furthermore, Investors can see an upward slant in the index, which may surge in future trading sessions.

The volume of (43.86K) represents an enormous buying volume above the Volume MA (10.03K) of 20-days. High buying pressure is maintained in XMR to drive its price to higher levels.

Monero (XMR) The Most Used Privacy Coin In The Market

Monero token traded at $500 with a gain of 19.40% in the last 24-hour and 23.20% up in the weekly time frame. Furthermore, XMR broke above the target of $500. In contrast, the market capitalization increases to $9 billion. Technically, investors can perceive enormous buying pressure in XMR, and the price is way above the EMA Ribbon. The stochastic RSI index showcases an upward slant. Besides, the price movement can be towards the TP of $650 in future trading sessions.

TP : $650

Support: $328

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