Monero Price Analysis: XMR/USD to retest $100.00 after the downside correction

Monero (XMR) moved towards the upper boundary of the current range.
The downside correction may preceded another bullish wave.

Tanya Abrosimova Independent Analyst

Monero (XMR) is the 16th largest digital asset with the current market capitalization of $1.7 billion. The average daily trading volume reached $128 million, which is the highest level since August 21. The coin has gained nearly 2% on a day-to-day basis to trade at $96.5 by press time.

XMR/USD: The technical picture

Monero (XMR) has been slowly gaining ground since it hit the recent low of $86,17 on August 25. While the upside momentum remains weak, the price has been climbing steadily towards the upper boundary of the recent consolidation channel and moved above the local resisatnce area of $95.00 created by the previous long-term recovery high reached in the middle of February. If the price manages to settle above this barrier and turn in into a support, the upside momentum may start snowballing and break $100.00. The next bearish target comes at $105.90 (August 21 high). It is followed by the long-term resistance of $125.00 *the highest level since June 2018).

On the downside, if XMR/USD slips below $95.00. the sell-off may gain traction with the next focus on $87.00-$85.00 area, which includes the lower line of the daily Bollinger Band and the daily SMA50. The RSI on the daily chart has reversed to the downside, sending bearish signal. It means that the price may be vulnerable to the correction towards the above-said area before the upside is resumed.