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Can Monero (XMR) Rise to $184? July 29 XMR Analysis!

  • The XMR chart is moving within an upward trend in short-term timeframes.
  • The XMR price can continue its rise towards the 184 dollar levels with daily closes above the 160.6 dollar level.
  • However, it is important for the XMR price to maintain the support at 160 dollars, otherwise the downward movement towards the 155 dollar levels can accelerate.

According to the Monero (XMR) price analysis, the price can continue its rise towards the 184 dollar levels with daily closes above the 160.6 dollar level. However, an important point to note for investors is the preservation of the 160 dollar support and the possibility of a downward movement towards the 155 dollar levels in an alternative scenario.

Medium-Term XMR Analysis

Daily XMR/USD Price Chart
Daily XMR/USD Price Chart

According to the Monero (XMR) price analysis, as long as daily candle closes continue above the 160.6 dollar level, the XMR price can continue its upward trend and move towards 184 dollar levels.

However, for XMR to sustain its rise, it is crucial to maintain the support at 160 dollars. If the Monero price closes below the 160 dollar level on a daily basis, it can extend the downward movement towards the 155 dollar levels.

After completing its decline to the 155 dollar level, if the Monero (XMR) price closes above this level on a daily basis, it can initiate the upward movement from the 155 dollar level and first target the 173 dollar level, and then move towards 182 dollar levels.

However, if the XMR price performs daily closes below 155 dollars, it can continue the downward trend and drop to the 149 dollar levels. Therefore, Monero investors should carefully monitor the support at 160 dollars first, and then the support range of 155 dollars – 149 dollars.

Short-Term XMR Price Analysis

2-Hour XMR/USD Price Chart
2-Hour XMR/USD Price Chart

When the XMR chart is examined in short-term timeframes, it is observed that price movements continue within an upward trend. As long as the XMR price remains above the blue support line mentioned in the analysis, it can continue its rise towards the 165.65 dollar resistance.

If the XMR price establishes sustainability with 2-hour candle closes above the 166 dollar level, it can continue its rise towards 169 dollar levels. For Monero to sustain its short-term upward trend, it is important for the price to close above the 166 dollar level; otherwise, the possibility of a decline can increase.

However, if the XMR price performs 2-hour candle closes below the blue trend line mentioned in the analysis, it can extend the downward movement to 158.8 dollar levels. Therefore, XMR investors should carefully monitor the support and resistance levels mentioned in the short and medium-term analyses.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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