Monero halted after trending upward the past month, where to next?

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion

• The Quantity Profile device highlighted heavy resistance at $147.
• The technical indicators confirmed bulls have some hope, as long as a important stage of help was defended.

Monero confronted stern resistance within the $150-$160 area since mid-September. The surge to $160 in early November was shortly reversed after the FTX implosion performed out on the value charts. At press time, Monero bulls confirmed they nonetheless had some struggle left in them.

Learn Monero’s Value Prediction 2023-24

Bitcoin continued to defend the $16.2k-$16.6k space over the festive season. The realm as far south as $15.8k was one thing BTC bulls should guard as a way to maintain alive their hopes of a transfer as much as $18k.

The $134-$139 area has been defended to this point and the psychological $150 is a goal

Supply: XMR/USDT on TradingView

The Quantity Profile Seen Vary device plotted the Level of Management to lie at $147. The Worth Space Excessive and Low lay at $167 and $126 respectively. Your entire area from $144-$148 was a high-volume node as per the VPVR.

Therefore, this space was prone to pose heavy resistance to the value. A each day session shut beneath the $139.4 stage would point out a shift in favor of the sellers. Even so, the $135 stage can function help but once more and repel the bears.

A secure entry for consumers may very well be the $134-$140 area, concentrating on the Worth Space Excessive at $167 to take revenue at. The native prime from November at $160 will also be used to take a revenue.

The RSI stayed above impartial 50 regardless of the pullback from $151 over the previous two weeks. The OBV was much more encouraging and shaped a collection of upper lows since November. This outlined the presence of regular demand behind the asset.

Are your XMR holdings flashing inexperienced? Verify the Revenue Calculator

The Bollinger bands width indicator was in decline, and its growth will sign a powerful transfer was within the making. Primarily based on the OBV, this transfer may see XMR climb increased.

Sentiment in futures market stays bearish for Monero

Supply: Santiment

The funding fee has been damaging for the higher a part of December, even when the value was trending upward on decrease timeframes within the days main as much as 13 December. Since that day, XMR has shaped a collection of decrease highs on the value charts.

The weighted sentiment was damaging because the mid-November surge. Alongside the value, social dominance has additionally been in a downtrend.

Supply: Coinglass

The liquidation chart confirmed numerous lengthy positions worn out throughout the crash that commenced on 16 December, amounting to $206.5 million. At the moment, the Open Interest additionally declined considerably in response to the liquidations.

Over the previous ten days, the OI slowly climbed increased. Nevertheless, the value didn’t set up a pattern however reasonably bounced between the $140 and $147 ranges. This, alongside the rising OBV, hinted {that a} transfer upward was doable for Monero if Bitcoin doesn’t fall beneath the $16.2k-$15.8k space.