Monero Price Analysis: Corrects sharply from a six-month high, bullish bias still intact


  • XMR/USD corrects from fresh half-yearly highs hit on Saturday.
  • Technical outlook across the time frames favor the bulls.
  • Coin ditches its other crypto peers, trades in the green.

Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $ 1.68 billion and an average trading volume of $167 million, is leading the pack of top 20 widely traded cryptocurrencies this Saturday. The coin has gained almost 2% over the last 24 hours, bucking the bearish momentum seen across the crypto space. At the time of writing, XMR/USD trades near the 95.25 region, having hit the highest levels in six months at 96.78 in the last hour.

XMR/USD, 1-hour chart

  • An ascending triangle breakout was confirmed earlier today, pattern target lies at 100.49.
  • Hourly Relative Strength Index (RSI) takes a U-turn for just beneath the overbought territory, looking to test the mid-line at 50.0.
  • Correction from multi-month tops likely to extend in the near-term.
  • Bullish 21-HMA offers immediate support at 94.50 while the next support awaits at 50-HMA of 93.25.

XMR/USD, daily chart

  • No. 14 coin portrays a potential rounding bottom formation.
  • A break above 97.91 needed to validate the pattern, with the target seen at 151.83 over the next six months.
  • The spot trades above all the key Daily Simple Moving Averages (DMA).
  • Daily Relative Strength Index (RSI) consolidates in the overbought territory, with further room for upside.
  • All in all, any corrective downside in a bargain-buying opportunity for the XMR bulls.

XMR/USD technical levels to watch

XMR/USD

Overview
Today last price 95.2509
Today Daily Change 0.4277
Today Daily Change % 0.45
Today daily open 94.9132
 
Trends
Daily SMA20 78.6978
Daily SMA50 65.9168
Daily SMA100 60.0339
Daily SMA200 65.2513
 
Levels
Previous Daily High 95.1302
Previous Daily Low 90.9657
Previous Weekly High 95.5428
Previous Weekly Low 80.4637
Previous Monthly High 75.9505
Previous Monthly Low 44.3395
Daily Fibonacci 38.2% 93.5394
Daily Fibonacci 61.8% 92.5566
Daily Pivot Point S1 92.2092
Daily Pivot Point S2 89.5052
Daily Pivot Point S3 88.0446
Daily Pivot Point R1 96.3737
Daily Pivot Point R2 97.8342
Daily Pivot Point R3 100.5382

 

 

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