Monero Price Analysis: XMR pushes another 5% higher to close in on previous wave high
- Monero trades 5.42% higher on Wednesday outperforming the crypto majors.
- The major resistance for the bulls stands at 68.265 and a break would mean a new wave high.
XMR/USD 1-hour chart
Monero has been trading well in recent session and on Wednesday pushed over 5% higher. The price has now broken the red trendline on the chart and looks set to hit the green resistance zone at 65.82. Beyond that, the high on the chart stands at 67.67 and the bulls will be looking to take this out to test the psychological 70.00 zone.
Looking at the indicators, one potential problem could be the lack of volume. The volume on the sell-side seems much larger than the buying volume at the moment. The relative strength index indicator is also in a overbought position and this indicates there could be a small pullback. Lastly, one positive is the price holding above the 200 and 55 moving averages. This will be looked as bullish and if the price does drop they could act as support zones.
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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.
