- 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.
|Today last price||46.1735|
|Today Daily Change||-1.0984|
|Today Daily Change %||-2.32|
|Today daily open||47.2719|
|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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