XMR price shows an increase in buying pressure leading to a double bottom formation which teaches a price jump to the $150 mark upon breakout. Key technical points: XMR traders witness high demand pressure near the $105-$100 mark The 100-and-200-day SMA are nearing a bearish crossover The 24-hour trading volume of Monero is $90 Million, indicating a rise of 18.85%. Past Performance of XMR The drastic 50% drop in the market value of Monero token prices in the early days of June brought the XMR prices to the psychological mark of $100. However, the buyers quickly cushioned the downfall with a lateral shift in price trend within the consolidation range between $137 and $100. Additionally, the growing bullish influence on the consolidation range teases a double bottom pattern, teasing a price jump to the $150 mark. Source- Tradingview XMR Technical Analysis The XMR price action shows a double bottom pattern at the $100 mark and the neckline at $137. Hence, the recent bullish reversal surpassing the neckline will signal a buying spot for the intraday traders with the target at the following 50-day average line. The MACD indicator shows a gradual rise in fast and slow, indicating sustained buying pressure from traders. A crossover of these slopes above the neutral line would bolster the $137 breakout. The RSI indicator showcases a rise in the underlying bullishness as the slope surpasses the 14-day average line after exiting the ove...
