• Monero trades just over 2% lower but the chart structure is better than most of its counterparts.
  • The pair is still making higher highs and higher lows which is a great sign for the bulls.

XMR/USD 1-hour chart

Although Monero is trading lower on Wednesday the chart is still looking pretty bullish on the hourly chart. This is one of the most bullish charts as it is still consistently making higher lows and higher highs. The next big hurdle for the pair is 50.00 and at the moment there does not seem like there is enough momentum to reach the psychological zone. 

Looking at the indicators on the chart, the price is above both 55 and 200 moving averages. The RSI has just dipped below the 50 mid-line which is one negative point. The volume is also looking pretty thin but the big spikes are from the end of the sell-off where the market found support. 

Looking ahead now, it's hard to take long trades as the higher timeframes are so bearish. Countertrend trading can be useful but it is recommended to keep the risk more controlled.

Monero Trend Analysis

Additional levels

XMR/USD

Overview
Today last price 46.1735
Today Daily Change -1.0984
Today Daily Change % -2.32
Today daily open 47.2719
 
Trends
Daily SMA20 46.4187
Daily SMA50 66.1152
Daily SMA100 61.799
Daily SMA200 61.0308
 
Levels
Previous Daily High 48.0388
Previous Daily Low 44.8812
Previous Weekly High 45.5228
Previous Weekly Low 29.3242
Previous Monthly High 96.8144
Previous Monthly Low 66.0405
Daily Fibonacci 38.2% 46.8326
Daily Fibonacci 61.8% 46.0874
Daily Pivot Point S1 45.4225
Daily Pivot Point S2 43.5731
Daily Pivot Point S3 42.2649
Daily Pivot Point R1 48.5801
Daily Pivot Point R2 49.8882
Daily Pivot Point R3 51.7376

 

 

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