• Monero spikes towards $60 after commencing the session on Friday at $55.01.
  • The rising tringle pattern breakdown, if not averted, could be detrimental for XMR/USD.

Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. The price ascended to an intraday high of $55.35 and currently teeters at $54.16.

The 4-hour chart shows Monero sustaining an uptrend above a short term ascending channel. The recent low close to $45 appears to have been a wakeup call for the bulls. Besides, investors would prefer to end the year in the green.

Monero stepped above the 100 SMA, however, the 50 SMA is hindering movement around $58.28. The same level happens to form the resistance of the rising triangle. XMR/USD has tried and failed to clear the triangle hurdle.

In other words, if the ongoing correction fails to rise above the triangle resistance, Monero bulls could be demoralized and even hibernate in order to find proper support from which they will launch another attack.

Meanwhile, the RSI is closing in on the overbought and if it continues, Monero is likely to push the gains towards $60. The MACD is hugging the mean line but leaning towards the negative region as an indication of the presence of selling pressure. The bulls must ensure that the support at $50 is defended at all costs.

XMR/USD 4-hour chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin regains safe-haven status, moves in sync with gold amid coronavirus scare

Bitcoin (BTC) resumed the upside after a short-lived consolidation period. The first digital currency has gained over 3% of its value in recent 24 hours to trade at $8,620 at the time of writing.

More Bitcoin News

Bitcoin Gold jumped by 30% amid the news of 51% attack

Bitcoin Gold (BTG), now the 35th digital asset with the market value of $200 million, has gained over 14% in the recent 24 hours to trade at $11.82 at the time of writing. 

More Bitcoin Gold News

Ethereum Classic defies gravity with 17% growth

Ethereum Classic, the 11th largest digital asset with the current market capitalization of $1.18 billion, has gained over 14% in the recent 24 hours to trade at $10.17, off the intraday high hit at $10.32. ETC/USD is one of the best-performing assets.

More Ethereum Classic News

Ripple's report reveals a real use case for XRP and other mathor cryptocurrencies

Ripple's XRP, the third-largest digital asset with the current market value of $10 billion, is changing hands at $0.2284, down from the intraday high of $0.2334. XRP/USD has gained over 3.5% in recent 24 hours in line with the global sentiments improvement.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast

BTC

ETH

XRP