At the time of writing, the unit price for Monero (XMR) is $214.4 per XMR. Monero has reached this unit price after experiencing a 16.81% surge in the past 7-days, followed by a 0.29% surge in the past 24-hours.
As a result of the surges, the overall sentiments of the investors have moved from the sell zone to the neutral zone. As of now, the sell-neutral-buy scale shows that the sentiments are in the neutral zone demonstrating an 8:9:9 ratio.
This means that in the upcoming days, the sentiments of the investors may move into the bullish zone. This would help trigger a surge in the price of Monero in the upcoming days and help it grow in value at a significant rate.
At the moment, it is being expected that the bulls may try increasing the accumulation power for Monero to create a hype in its price. They may attempt to push its price above the 50-day SMA, which is currently revolving around $224.1.
The bulls may not face much resistance at the $224.1 figure as the first strong resistance for Monero would be faced at $246.6.
If the bulls are able to sustain the pressure and force from the bears in terms of the high selling price, they may be able to push its price over the 100-SMA ($242.8).
If the bulls succeed against the bears and cross the first resistance mark, they may be ready to face off the bears at the second strong resistance mark. As of now, the second strong resistance mark for Monero is at $255.3.
The $255.3 per XMR mark would also be a strong resistance point where the bulls may need to increase their accumulation power. If they manage to do that and succeed against the bears, they create a strong rally. As a result of a strong rally, the bulls may manage to achieve $285.2 per XMR.
On the other hand, the bears may increase their selling pressure in order to pull XMR’s price lower. The bears may attempt pulling the price of bear below the 20-day SMA, which is $194.6 per XMR.
The $194.6 figure would prove to be the first strong support mark for XMR and the bears may increase their selling pressure if this barrier breaks. The bears may increase their selling power to bring XMR’s price all the way down to $172.00, second strong support for XMR.
The bulls are expected to give a very tough time to the bears as they attempt to dip XMR’s price below the second strong support mark. If the bulls give in, the bears may trigger a strong selling activity against XMR, pulling its price down to $148.5 per XMR.