The XMR price action shows a bull cycle struggling to gain momentum as it drags diagonally at the support trendline of a rising channel pattern. Key Technical Points: The Monero token price consolidates between the 20 and 200-day SMA. The higher price rejections from the 200-day SMA suppress the bull cycle within the rising channel. With a market cap of $3.05 billion, the intraday trading volume of Monero has increased by 37.86% to reach $138.56 million. Past Performance of XMR The Monero (XMR) price action sustains about the $150 support level while maintaining a diagonal uptrend moving close to the support trendline. Furthermore, the price action maintains the overall rising channel pattern accounting for a price jump of 56% in the last six weeks. Currently, the market price supports a sideways trend with the overhead resistance of the 200 days average line. Source – Tradingview XMR Technical Analysis The XMR price shows a 1.19% drop in the daily candle, following the higher price rejection of the previous candle. Hence the likelihood of a bearish breakout below the support trendline increases. Despite the higher price rejections from the 200 days average line, the Monero market prices sustained above the 100-day SMA. Hence the bullish influence over the 50 and 100 days SMA increases, easing a potential bullish crossover. The daily RSI slope maintains a diagonally negative trend in the nearly overboard zone displaying a bear...
