The Monero price (XMR) hovers around a fortnight high, rising for the third consecutive day to $431.00, despite posting modest gains early Wednesday.
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On Tuesday, XMR jumped the most since November 30 after portraying the bullish breakout of a five-week-old symmetrical triangle. That said, the symmetrical triangle suggests a consolidation in the Monero price, and an upside break in the pattern lures buyers.
Adding strength to XMR’s bullish breakout is a week’s high in the trading volume and upbeat market capitalization (market cap). According to Santiment, Monero’s daily trading volume rises to $171.14 million, while the market cap posts a fortnightly peak of around $7.93 billion by press time.
However, the overbought stochastic momentum indicator challenges XMR bulls by joining the resistance wall near $440.00.
Notably, the Monero price looks set for the biggest yearly jump since 2017, despite facing its first monthly loss in four, up for the second consecutive week at the latest.
Can bulls cross the $140.00 resistance? If yes, what could be the next stop? Read Here!
Monero Price: Daily Chart Attracts Buyers
The Monero price justifies Tuesday’s bullish breakout of a five-week symmetrical triangle to hit a three-day top near a fortnight’s peak.
However, the convergence of the upper Bollinger Band (BB) and a month-old horizontal resistance, near $440.00, seems to pose a formidable barrier for XMR.
Adding to the hardships for Monero bulls is the overbought condition of the stochastic momentum indicator, well beyond the 80.00 overbought limit.
With this, XMR may witness consolidation around $440.00, at least for now, before offering a fresh rally.
In that case, November’s high, around $471.00, and the $500.00 threshold may act as intermediate halts during a potential run-up toward the theoretical target of the symmetrical triangle’s bullish breakout, close to $535.00.
Alternatively, the Monero price pullback remains elusive as long as the quote stays beyond the stated triangle’s top line, close to $413.00.
Below that, the middle Bollinger Band and the triangle’s bottom, near $405.50 and $383.00, respectively, as well as the lower BB level of $371.00, could lure XMR bears.
Meanwhile, the Monero price remains on the bull’s radar as long as the quote remains past a four-month-old ascending trendline and the 200-day EMA, close to $344.00 and $327.00 in that order.
Monero Price: Four-Hour Chart Suggests Consolidation
On the four-hour chart, an upside breakout of the triangle approaches the $440 hurdle, comprising tops marked since mid-November, especially when the Monero price stays well beyond the 200-bar Exponential Moving Average (EMA).
However, the overbought stochastic momentum indicator, well past the 80.00 upper limit, could restrict the quote’s further advances, suggesting a short-term consolidation in the price before the next rally.
Should XMR consolidation drag the price below the triangle’s top surrounding $413.00 and the 200-bar EMA support of $393.00, the triangle’s bottom of $383.00 will be the last line of defense for the bulls before highlighting the daily chart’s deeper levels.
On the upside, a clear break of $440.00 could aim for November’s peak of $471.00, December 2017’s high of $477.00, and the May 2021 record peak of $518.00.
Beyond that, higher levels discussed on the daily chart could lure Monero buyers.
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