Monero Technical Analysis: Bulls testing $70 barrier
|XMR/USD Daily Chart
- XMR/USD went up from $64 to $69.70 as bulls look to test the $70 barrier.
- The last session took the price above both the 200-day simple moving average (SMA 200) and SMA 20 curves.
- The relative strength index (RSI) indicator is creeping towards the overbought zone.
- The daily market has had a bullish breakout from the triangle formation.
XMR/USD 4-Hour Chart
- The 4-hour market has had a bullish breakout from the red cloud of the Ichimoku indicator.
- The red cloud shows increased bearish sentiment in the near future.
- The last three sessions of the Elliot wave oscillator are bullish following five consecutive bearish sessions.
XMR/USD Hourly Chart
- The XMR/USD hourly chart was able to go above the upper curve of the 20-day Bollinger band before the bears brought the price back inside.
- The Bollinger band indicates an increasingly volatile market.
- The 20-day simple moving average (SMA 20) curve has crossed over the SMA 50 curve and is looking to converge with the SMA 200 curve.
- The RSI indicator is trending barely inside the overbought zone.
Key Levels
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