- Monero bounces from the 23.6% Fib retracement level support.
- Gains shoot for $60 but the 100 SMA stands in the way limiting gains.
The cryptocurrency market is mostly in red. However, a few selected cryptocurrencies led by Monero (XMR) are in the green. XMR has broken away from the rest with a remarkable bullish move that has seen in gain more than 1% on Sunday.
The declines experienced this week found support at the 23.6% Fib retracement level taken between the last swing high of $60.76 to a swing low of $51.84. The staged recovery from the support initially stepped above the 50 Simple Moving Average (SMA) on the one-hour chart. This placed Monero in a trajectory toward $60, however, the immediate upside is restricted by the 100 SMA.
The retreating Relative Strength Index (RSI) puts emphasis on the ongoing reversal. Moreover, the Moving Average Convergence Divergence (MACD) failed to cross into the positive region. The visible positive divergence shows that the buyers still have the energy to sustain the price above $55. The 23.6% Fibo will provide support in the event declines push hard towards the major support at $50.
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