Moneo(XRM) Nothern Journey beginsMonero bulls defended $152 support- Is $168.8 achievable
Strategy Bullish
Profit Target 168-172
If Break above 179USD and 3days closing successfull above 179 The strategy turns to Tend Strategy Bullish
Risk Management: Proper trailing stop
XMR dropped to its previous parallel channel’s mid-level of $152 after BTC retreated to $26K on 28 March. The $152 level also coincided with the Fixed Range Volume Profile’s POC (point of control) line, which attracted increased trading volume.
The recovery blasted above the local resistance at $157.6. Bulls could push XMR to $168.8 if they clear the obstacle at $165. A strong BTC upswing into FWB:29K could tip XMR to target other key resistance levels, including $179 and $187.
A close below $157.6 could attract bears into the market. However, bears must clear the $152 hurdle to gain market leverage to sink XMR to $145 or $135.
The Relative Strength Index (RSI) dropped but rebounded and was above the 50 mark at press time, showing increased buying pressure in the past few days.
Similarly, the On Balance Volume (OBV) exhibited an uptick, showing XMR saw increased trading volumes as demand soared in the past few days.
Monero registered mixed performance in Q1, 2023. It appreciated by 40%, rising from $148 to $187 in January. In February, it consolidated before sustaining a price dump in mid-March, sinking it to $135. But XMR saw aggressive demand at the $135 level, setting it up for recovery.
Bitcoin zoomed to the FWB:29K level before retreating to $28K – indicating a bullish sentiment despite the increased U.S. regulatory pressure on the crypto industry.
If BTC reclaims the FWB:29K and surges upwards, XMR could attempt to retest or break above a crucial stiff resistance level.
In addition, XMR saw more liquidation of short positions than long positions. About $45.5K in short positions were liquidated in the past 24 hours, while only $3.7K in long positions were wrecked in the same period.
It shows short-positions were paying long-positions – an underlying bullish sentiment that could boost the uptrend.
But investors should track BTC’s price action to determine whether XMR could overcome the obstacle at $165.
