Monero Technical Analysis: Could breaking 90.000 be a step too far?
|- XMR/USD heading to a key psychological and technical level
- Level matches the 38.2% Fibonacci level
- Bearish divergence noted in indicator
Monero is heading toward a key technical level at 90.000 marked on the 4-hour chart above. Price has made a decent comeback after hitting 74.094 on the downside on August 15th. The 90.00 level matches the 38.2% Fibonacci level marked on the chart.
The Stochastic indicator recently made a lower high while price made a higher wave high, which could be a bearish signal in the short term.
The MACD has turned positive as both the histogram and moving averages push over the mid-line.
On the 1-hour chart below, you can see we have made consecutive higher highs and higher lows leading into the channel formation. As the stochastic divergence kicks in we may head to the lower part of the channel before beaking higher past the resistance. For today the big test will be if the bulls can take out the 90.000 handle.
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