Monero (XMR) is taking a turnaround from the support line of $103.31 after a constant fall in price from its highs of $279. Over the past 3 days, the price has risen as bullish candles have formed, and the XMR token may head towards the trend line.
The Monero token was moving in the consolidated momentum as neither the price was getting closed below the support line nor was closing above the recent highs. However, the XMR price recently took an upside as the token showed a significant rise in 3 days, indicating a bullish opportunity.
The bullish candles formed higher highs and higher lows on the daily chart, making an uptrend pattern. Once the price suppresses the trend line, a long-run bullish momentum can be expected. The XMR token has recently turned from the oversold zone and may head towards the overbought zone.
The RSI indicator is at 34 and currently is neutral, but it may head towards the overbought zone if the XMR price continues to rise in the same trend. The price was moving at the edges of the lower bands, and though the price got tested but failed to decline further. The XMR price has recently left the lower bands and is mounting up.
On the weekly chart, there was immense selling pressure as the Monero price declined heavily, and the price got tested at the horizontal line but couldn’t close below it. The indicators are still in the bearish zone.
The investors should wait for the forming candles before entering the trade as the token shows a turnaround, but the technical parameters are yet to signal to enter the trade.