Monero Price Analysis: XMR/USD rises from the ashes
|- Monero spikes towards $60 after commencing the session on Friday at $55.01.
- The rising tringle pattern breakdown, if not averted, could be detrimental for XMR/USD.
Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. The price ascended to an intraday high of $55.35 and currently teeters at $54.16.
The 4-hour chart shows Monero sustaining an uptrend above a short term ascending channel. The recent low close to $45 appears to have been a wakeup call for the bulls. Besides, investors would prefer to end the year in the green.
Monero stepped above the 100 SMA, however, the 50 SMA is hindering movement around $58.28. The same level happens to form the resistance of the rising triangle. XMR/USD has tried and failed to clear the triangle hurdle.
In other words, if the ongoing correction fails to rise above the triangle resistance, Monero bulls could be demoralized and even hibernate in order to find proper support from which they will launch another attack.
Meanwhile, the RSI is closing in on the overbought and if it continues, Monero is likely to push the gains towards $60. The MACD is hugging the mean line but leaning towards the negative region as an indication of the presence of selling pressure. The bulls must ensure that the support at $50 is defended at all costs.
XMR/USD 4-hour chart
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