Monero Price Analysis: 14 February

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The market is rallying and so are many of the altcoins. Even though Monero ^[1] is no longer among the major altcoins, it has been witnessing a similar rally as other altcoins. Over the past couple of days, XMR’s value has been surging and at the time of writing, the digital asset was being traded at $232.94.

Monero six-hour chart

Source: XMRUSD ^[2] on TradingView

The above chart of Monero showed that the value of the cryptocurrency was surging higher almost every day over the past week. Monero cleared levels of resistances to reach a high value but was currently seen consolidating. The immediate support it currently has is at $223.47.

Reasoning

Monero’s value shows a steep rise over the past couple of days. This has put the digital asset in extremely bullish territory. The bullishness has been long extended in the market, however, the price has not yet corrected itself. Currently, as the consolidation continues, the price may witness a selling pressure which may push it under the support at $223.

The relative strength indicator showed that the digital asset has been largely overbought. It has remained in the overbought zone since 9 Feb and the sellers may take over the market if a price correction were to take place.

Meanwhile, the momentum appeared high as the awesome oscillator indicator showing strong, growing, green bars in the Monero market.

Crucial levels

Entry-level: $232.40
Stop-level: $247.38
Take

Monero Price Analysis: 14 February

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