Monero Chart Analysis: XMR/USD cracks 4-hour SMA50, ready to grow
- Monero experienced a strogn recovery on Monday.
- The further recovery may be extended towards $70.00.
Monero (XMR) recovered from the Sunday's low of $64.79 to trade at $67.46 by press time. has stayed unchanged in the recent 24 hours and gained nearly 1.5% since the start of the day. Monero takes the 17th place with the current market value of $1.18 billion and an average daily trading volume of $72 billion.
XMR/USD: technical picture
On the intraday chart,, XMR?USD recovery is limited by 1-hour SMA100 at $67.50. An attempt to clear this level has failed so far; however, the upside-looking RSI on both 4-hour and 1-hour charts implies that the bulls might have another try. Once they are successful, the recovery may be extended towards the next local resistance created by the upper line of the previous consolidation channel at $68.00. The next resistance is created by psychological $70.00 with the local recovery high located marginally above that level.
On the downside, the first support comes in the form of 4-hour SMA50 at $67.20. A sustainable move below this area will increase the downside pressure and bring the upside trendline from May 25 low back into focus. Currently this line is registered at $66.70 and it separates XMR from a deeper decline towards 4-hour SMA100 at $65.30.
XMR/USD 4-hour chart
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Author
Tanya Abrosimova
Independent Analyst
