Monero analysis: XMR/USD breaks out from the rest, gains 2% on Wednesday

  • Monero bounces off the trendline and 100 SMA support area.
  • The short term resistance at $64 must come down for the bulls to focus on attacking the $66 supply area.

Monero is arguably the biggest single-digit gainer among the major cryptocurrencies on Wednesday. In a gloomy crypto market, XMR is posting at least a 2% growth on the day. The Asian trading session was characterized by bullish muscle-flexing which opened the road to $62.42 (intraday high). Monero has since adjusted to $63.40 at the time of writing.

The 4-hour chart shows the breakout has legs from the support offered by the trendline and the 100 SMA. Also aiding in support is the 61.8% Fib level of the last drop from $67.05 to $51.16.

Glancing upwards, immediate resistance is felt at $64.00 while $66.00 and the last swing high are the nearby supply zones. The RSI on the same 4-hour chart shows that the bulls are slightly in charge. Continued correction towards 70 will signal more buying action. The same bullish momentum is emphasized by the MACD which is holding ground above the mean-line.

XMR/USD 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD consolidation lags triangle breakout

Bitcoin remained under pressure during the entire weekend. The attempts made to stay above $7,200 support failed, leaving to the path of least resist ace to be below $7,000. Bitcoin’s immediate upside is limited by the 50 SMA on the 2H chart.

More Bitcoin News

Ethereum Price Update: ETH/USD defends $140 support yet again

Ethereum is largely unchanged compared to the levels towards the end of last week. The pressure oozing from the bears continued across the weekend session. Besides action beyond $145 remained limited.

More Ethereum News

Ripple Price Analysis: XRP/USD spirals in freshly reignited downward momentum

Ripple has ignited the bearish momentum breaking the weekend-long support at $0.2160. The losses come after an attempt to break out from the descending channel resistance failed.

More Ripple News

Cardano’s IOHK celebrates 120 staking pulls less than 24 hours after testnet launch

The research firm in charge of developing Cardano, a major cryptocurrency, IOHK was delighted to announce the fantastic performance of the newly launched testnet.

More Cryptocurrencies News


Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast