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- 1 The XMR crypto is taking support on the dynamic resistance levels of the daily chart.
- 2 At press time, XMR has experienced a negative reaction, with a decline of -1.05% since yesterday, currently standing at $130.49.
On the daily chart of XMR crypto, there has been a fierce price battle between bulls and bears, which caused a significant formation in price structure.
The bears have taken control of the market and established new low and high points on the daily chart, leading to the creation of a support level at $104.98. The XMR price has remained stable around this crucial level for several daily sessions.
The recent Monero price has increased from the $104.98 support level on April 13th, indicating slight resistance for bears, which could suggest a resurgence of bullish momentum.
Moreover, the XMR crypto is receiving support from the dynamic resistance levels of the daily chart’s 20-day and 50-day Exponential Moving Averages. Additionally, the RSI is finding support on the 14-SMA, currently at 54.59, while the MACD is at -1.189, indicating a bullish crossover.
As of press time, the XMR price has experienced a negative reaction, with a decline of 1.05% since yesterday to $130.49 (press time). Despite the weekly upsurge of 5.49%, bears are still active in the market.
Therefore, if the demand for Monero increases, it could experience a significant recovery from its current price point. The price may reach $140.0 next, possibly even higher at $150.0.
However, if the price of the XMR cryptocurrency falls below the $110.0 support level, it could drop further and hit even lower levels in future sessions.
XMR Crypto Development Activity Analysis
The XMR crypto allows for tracking developer activity by monitoring the contribution of developers to the commit count. The aim of the asset is to ensure that the developer’s activity remains consistent and of high quality.
Monero crypto has seen a consistent increase in both developer activity and commit count after a massive decline from mid march 2024.
Summary
The recent price battle between bulls and bears on the daily chart of XMR crypto, which resulted in the formation of a support level at $104.98. The recent Monero price has increased from the support level, indicating slight resistance for bears and a resurgence of bullish momentum.
The XMR crypto is taking support on the dynamic resistance levels of the daily chart’s 20-day and 50-day EMAs, and the RSI and MACD are also indicating a bullish crossover. Despite the weekly upsurge of 5.49%, bears are still active, and the price may drop further if it falls below the $110.0 support level.
Additionally, the text discusses the XMR crypto’s development activity, which has seen a consistent increase in both developer activity and commit count after a massive decline from mid-March 2024.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
