Monero Price Analysis: XMR consolidates above 50.00
- Monero trades just above flat as the rest of the crypto market struggles.
- The descending triangle pattern on the 4-hour chart has broken to the upside.
XMR/USD 4-hour chart
The Monero chart structure looks to be more bullish than some of the other major cryptos and altcoins. The market has managed to fend off the 50.00 level after breaking through earlier in the month and now it seems the pair may target the 60.00 psychological zone.
Looking closer at the technical indicators, the volume is on the low side. The relative strength index indicator is still on the bullish side but there is plenty of room for upside movement. If the 60.00 level does break then the 64.40 area looks strong on the daily chart but first the blue resistance needs to be broken first.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
