Monero Price Analysis: Corrects sharply from a six-month high, bullish bias still intact
|- XMR/USD corrects from fresh half-yearly highs hit on Saturday.
- Technical outlook across the time frames favor the bulls.
- Coin ditches its other crypto peers, trades in the green.
Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $ 1.68 billion and an average trading volume of $167 million, is leading the pack of top 20 widely traded cryptocurrencies this Saturday. The coin has gained almost 2% over the last 24 hours, bucking the bearish momentum seen across the crypto space. At the time of writing, XMR/USD trades near the 95.25 region, having hit the highest levels in six months at 96.78 in the last hour.
XMR/USD, 1-hour chart
- An ascending triangle breakout was confirmed earlier today, pattern target lies at 100.49.
- Hourly Relative Strength Index (RSI) takes a U-turn for just beneath the overbought territory, looking to test the mid-line at 50.0.
- Correction from multi-month tops likely to extend in the near-term.
- Bullish 21-HMA offers immediate support at 94.50 while the next support awaits at 50-HMA of 93.25.
XMR/USD, daily chart
- No. 14 coin portrays a potential rounding bottom formation.
- A break above 97.91 needed to validate the pattern, with the target seen at 151.83 over the next six months.
- The spot trades above all the key Daily Simple Moving Averages (DMA).
- Daily Relative Strength Index (RSI) consolidates in the overbought territory, with further room for upside.
- All in all, any corrective downside in a bargain-buying opportunity for the XMR bulls.
XMR/USD technical levels to watch
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