Monero price analysis: XMR/USD joined the end of week crypto rally; up 7%

Overbought conditions send Monero towards 50% Fib level support.
XMR buyers target $72.89 hurdle but first they must clear $70.00 resistance level.

XMR/USD has defied the market consolidation pressure to record gains above 7%. This alone, Monero has corrected higher 17%. The bullish pressure across the market on Tuesday saw the price break above the 38.2% fib level taken between the last swing high of $72.89 and a swing low of $50.25. Monero gains extended above the trendline and stepped above $70.00 before coming to a halt at $72.89.

Due to overbought conditions, Monero corrected lower below $70.00 but found a bearing at the 50% Fib level 4-hour. The 4-hour chart shows the 50 SMA and the 100 SMA carrying the weight of the uptrend since the lows formed on March 26 at $50.25.

The crypto market revived the uptrend gain on Friday with Monero spiking up above the 50% Fib level support. The price is dancing with $67.94 at press time while supported by the ascending trendline. $70.00 is the next resistance level but all eyes are set on breaking above $72.89 hurdle. The RSI is ranging slightly below the overbought to show that the bulls still have the energy to push Monero higher.

XMR/USD 4-hour

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram