- Monero keeps bouncing off the ascending trendline support.
- The past of least resistance is upward sideways as the RSI and the MACD settle in a ranging direction.
The crypto market is broadly depressed following fresh bearish momentum across the board. However, for Monero (XMR) the picture is completely different. It is amazing how the bulls have managed to keep the bears at bay to more than 1% in gains on the day.
Monero is trading at $64.77 after the bullish leg tested $67.00 earlier today. The price has in the past two weeks been pushing for correction above trendline support. Moreover, the increasing gap between the 100 Simple Moving Average (SMA) on the 4-hour chart and the 200 SMA clearly shows the buyers have the upper hand.
From a different technical perspective, Monero’s stalled uptrend is likely to settle in a range between $62.00 and $64.00. The Relative Strength Index (RSI) is ranging marginally below 70. At the same time, the Moving Average Convergence Divergence (MACD) is in a horizontal direction above the zero line, in turn, signaling that the bulls have the upper hand.
XMR/USD 4-hour chart
-637087113548963152.png)
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Crypto News & Analysis
Editors’ Picks
War for dominance hit the bedrock of the market
The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.
BCH/USD in retreat after gaining 7% in a matter of minutes
Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.
ADA/USD extends the decline, $0.1000 at risk
Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.
ETH/USD volatility ousted as DeFi skyrockets to $2 billion
Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.
Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive
The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.