- Monero price is trading at $218.90 with a 24-hour trading volume of $247,913,225.
- Crypto market to bounce off support – Monero toss over $215 support
- Today’s idea is to take a buy at $216 to target $225 and $233.
The XMR/USD coin failed to stop its previous-day bearish bias and remained depressed below the $220.00 level. However, the downfall in the Monero coin has appeared after the U.S. dollar rose broadly. The markets have become suspicious of the Fed starting to taper its monetary support. Monero price forecast remains bullish over the $215 support level on Tuesday.
Monero Quick Price Review
The Monero price is trading at $218.90 with a 24-hour trading volume of $247,913,225. Monero is dropped by 3.25% in the last twenty-four hours.
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Crypto Market to Bounce off Support – Monero toss over $215 Support
The downticks in the XMR/USD pair could be short-lived as the top 10 cryptocurrencies are going up following Bitcoin. However, the reason could be attributed to the reports suggesting that Amazon is starting to accept Bitcoin and a few other top-line cryptos soon.
Conversely, the latest buying bias surrounding the U.S. dollar was seen as one of the major factors that kept the XMR/USD coin under pressure.
Dollar Pressured the Monero, But Time to Buy Above $215
The broad-based U.S. dollar managed to stop its previous-session downward rally and took some fresh bids near recent peaks on Tuesday. The investors turned to this week’s Federal Reserve meeting for clues on the policy outlook. Thus, the bullish bias in the U.S. dollar keeps the XMR/USD prices under pressure. However, the XMR/USD pair isn’t taking pressure anymore. Bullish bias seems solid over $215.
XMR/USD 4-Hour Chart
Monero Price Forecast – Technical Outlook: XMR Support at $215
Monero price forecast is bullish above the $215 support level. The ascending channel on the 4-hour timeframe supports Monero, and closing the morning star candle favors an upward trend.
The 50 periods EMA (Exponential Moving Average – Red) supports the bullish trend in Monero and extends support at the $215 level. On the 4-hour timeframe, the XMR/USD pair may find resistance at $233.
The Monero has bounced off the support mark of $215 level. The closing of a bullish engulfing and three white solider’s pattern is likely to lead XMR price towards the target level of $233.
The XMR/USD price forecast remains bullish; however, the failure to stay above $215 can drive selling trends. Thus, the forex trading participants may look for placing a buy at $216 to target $225 and $233. Alternatively, selling trades can be seen below $212 to target 184. All the best.
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