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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.
Monero Price Analysis: XMR consolidates above 50.00
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

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.

Monero Chart Pattern Break

Additional levels

XMR/USD

Overview
Today last price57.0466
Today Daily Change0.2246
Today Daily Change %0.40
Today daily open56.822
 
Trends
Daily SMA2052.7948
Daily SMA5051.9903
Daily SMA10062.7599
Daily SMA20058.7283
 
Levels
Previous Daily High57.4679
Previous Daily Low51.6368
Previous Weekly High60.4289
Previous Weekly Low52.4376
Previous Monthly High70.2655
Previous Monthly Low26.0055
Daily Fibonacci 38.2%55.2404
Daily Fibonacci 61.8%53.8642
Daily Pivot Point S153.1499
Daily Pivot Point S249.4778
Daily Pivot Point S347.3188
Daily Pivot Point R158.981
Daily Pivot Point R261.1399
Daily Pivot Point R364.812

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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