XMR Technical Analysis: Wedge Breakout Rally Beats 50-Day Average

The Monero (XMR) price action showcases the wedge breakout rally exceeding the 50-day SMA, teasing a jump to the $175 mark. Key Technical Points: The XMR prices increased by 3.73% in the last 24 hours. The price action shows the wedge breakout rally jumping above the $150 mark. The 24-hour trading volume of Monero is $189 Million, indicating an increase of 14%. Past Performance of XMR As we mentioned in our previous article, the XMR prices continue to inflate and reach the $150 mark as the wedge breakout rally gains momentum. The bullish trend accounts for a price jump of 25% in the last ten days and exceeds the 50 days average line. Additionally, the increase in trading volume supporting the bull run increases the likelihood of an uptrend exceeding the $150 mark. Source – Tradingview XMR Technical Analysis XMR price chart showcases the bullish trend approaching the 100-day SMA as it crosses below the 200-day SMA. Hence we can expect the bull run to retest the 100-day SMA accounting for a 13% price jump. The RSI indicator showcases a gradual growth in the underlying bullishness as the RSI slope sustains in the nearly overbought territory with the support of the 14-day SMA. Furthermore, the MACD indicator reflects an increase in the buying pressure as the fast and slow line maintains a bullish trend in the positive territory. Hence the technical indicators maintain a positive outlook for the upcoming trend in the Monero prices....