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  • Monero price has a bearish session on Sunday that saw it tank below $270.
  • The general XMR price forecast is bullish as confirmed by multiple technical indicators.
  • A rally could see Monero explore areas around $300 and beyond..

XMR traded in the red on Sunday which saw the Monero price slide below the $270 support wall. Prior to that, Monero had rallied approximately 21% from $225 on Aug 02 to close the day at around $273 August 07.

This rally saw Monero flip the 50-day and the 200-day Simple Moving Averages (SMA) from resistance to support. It also saw the SuperTrend Indicator flash a buy signal.

This massive rally indicates that XMR could still move higher and that the pull-back below $270 might be temporary.

Can The Monero Price Upward Outlook Be Realised?

At the time of writing, XMR was exchanging hands in the green at around $266 and appears to be fighting immediate resistance exerted by the $270 psychological level. Note that a daily closure above this level could bolster the Monero price bulls as they eye areas beyond the $300 psychological level.

The general XMR/USD price prediction is bullish as accentuated by several technical crypto signals. For example, the appearance of a tweezer bottom bullish candlestick indicates that bulls have taken control of the marker and are determined to regain the losses witnessed yesterday.

Moreover, the Moving Average Convergence Divergence (MACD) indicator is positioned above the zero line in the positive region. In addition, the movement of the 12-day EMA (blue line) above the 26-day EMA (orange) validates the uptrend. Therefore, it is expected that another considerable uptrend will occur to push Monero even higher.

Note that the Relative Strength Index (RSI) is moving towards  the overbought area indicating that bulls have gained more traction.

Furthermore, the SuperTrend indicator still shows the buy signal. Investors should keep in mind that XMR’s price prediction will remain bullish long as the Monero price remains above the SuperTrend line.

XMR/USD Daily Chart

Monero Price Daily

 

XMR Could Reach These Levels

Note that if the Monero rises above $270 to violate the $280 major resistance level, it could trigger buying orders. If this happens, the XMR price could revisit areas around the $300 psychological level. A further rise would see Monero explore areas around $325 before meeting major resistance around $342.

On the downside, it is important to note that if Monero fails to hold the immediate support at $254 where the 100-day Simple Moving Average (SMA) currently sits , the fall will extend towards the 50-day SMA at $218.

If the support at $218 fails to hold, XMR might be forced to re-test the support at $195 before revisiting the July 20 low below $182.

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