Monero price analysis: XMR/USD contracting triangle approaches a breakout
|- Monero has established a stable support above $100 but a break out of the contracting triangle will see it retrace higher to $120.
- There is no shortage of support zones on the 15-minutes chart; the 61.8% Fib level, $105 and $100 will come in handy.
Monero is among the few cryptocurrencies that are trading in the green today, Sept 11. The crypto is up 1.89% on a daily basis, similarly, the trend is quite bullish with most technical indicators sending bullish signals. Recently, the network announced the release of a web-based XMR wallet for Tor browser and the positive news seems to be giving the buyers a boost above $100.
There was a pullback after last week’s declines consolidated slightly above $100. The price stepped above $110 before culminating into another brief slide that found support at $104. The ascending trendline on the 15-minutes chart has been instrumental in preventing dips as well.
The price is currently confined within a contracting triangle but it is approaching a breakout. A step above $109 resistance could test the supply zone at $110.65 which could open the way for further correction to $114 and eventually $120. On the flipside, Monero is initially supported at the 61.8% fib retracement level with the last swing high at $110.66 and a swing low at $100.83 which also coincides with the 50 simple moving average. Likewise, the 200SMA will provide a support at $106.60 while the trendline is positioned to offer anchorage if declines extend near $105.
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