Monero Price Analysis: XMR pushes higher towards the 50.00 level
- Monero is nearly flat for the session after trading lower for the majority of Wednesday.
- The top of the current consolidation is under threat as the price moves higher.
XMR/USD 1-hour chart
Monero has caught a bid late in the US session on Wednesday after trading lower for most of the day. The price has just recently moved through the moving averages (55 & 200) which can be considered a bullish sign. If the black resistance line at 48.20 gets taken out then the green wave high of 51.68 could be tested. There is the small matter of the 50 psychological level in the way.
Looking closer at the technicals now, the RSI indicator has just moved through the 50 mid-line too. and it seems the resistance is holding just for now. In general, on the higher timeframes, the price is still in a strong downtrend. This move could still just be a deep retracement. It seems the momentum has dropped off slightly for now but a move below 44.00 is one to keep an eye on if you are a bear.
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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.
