Monero (XMR) hit three-month highs amid challenges in the crypto market.
XMR has been gaining momentum since June 13, as it hit the highest highs in the past few months.
The token has been trending higher for the fourth day in a row and today it is at its peak with an intraday high at $153.09, which is considerably the highest gain it has seen since the June 13.
With this big move, XMR/USD has set its sights on a new resistance level at $155, which will be seen as the ceiling price for many traders. This new price cap will come in tandem with another level of resistance.
Monero goes for a bull run to $175
Two things can happen: the bears might view the market scenario as overbought and then re-enter or may even push other bulls out of their recent positions. On the other hand, if a breakout occurs, Monero could be pushing for a bull run towards a higher cap at $175.
XMR was able to break through its support zone and is now trying to retest the trendline. XMR is currently opting for an ascending triangle pattern.
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The XMR/BTC pair climbed 0.67% in market capitalization and is currently trading at 0.006390; manifested in the last 24 hours.
XMR is trending lower after successfully breaking through the long-term resistance zone and pushing the supply zone to $135.
It retested this resistance level by forming higher highs and lower lows. It has now tried to contrast and form lower lows and highs for a shorter period.
XMR total market cap at $2.76 billion on the daily chart | Source: TradingView.com
The Monero coin showed a bearish movement as it was able to cross the long-term demand zone.
The downtrend caused the breakout set at $200 giving a sell signal. Now the coin is trading below the supertrend line which works as a resistance.
So, if XMR can break out of its triangle pattern, it will show an uptrend in price. If it cannot hold the $200 supertrend line, the price may drop further to $100.
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XMR Forms Falling Wedge Pattern
If the $135 supply zone is breached, it can drive the price up to $175. XMR is currently forming the descending wedge pattern as it pulls for lower lows and lower highs.
As a result, the Average Directional Movement Index (ADX) has been crashing over the past few days and it has fallen further below 20 as coins face rejection in the $135 area.
On the positive side, the ADX curve is now experiencing some recovery and has opted for an uptrend.
Overall, it looks bullish for the crypto at press time, with the resistance zone lying between $135 and $175.
Featured image from Coin Central, chart from TradingView.com