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Monero Techincal Analysis: XMR/USD finds resistance at the green Ichimoku cloud

  • XMR/USD has jumped from $53.60 to $58.25 this Monday.
  • The RSI indicator has peeked into the overbought zone.
Monero Techincal Analysis: XMR/USD finds resistance at the green Ichimoku cloud
Rajarshi MitraRajarshi MitraIndependent Analyst

XMR/USD daily chart

XMR/USD daily chart

XMR/USD charted its second bullish day in a row as it jumped from $53.60 to $58.25 this Monday. Over this Sunday and Monday, XMR/USD went up from $50.45 to $58.25. The price is currently negotiating with the resistance at the green Ichimoku cloud, while it is hovering above the 50-day Simple Moving Average (SMA 50) and SMA 20 curves. While the Moving Average Convergence/Divergence (MACD) indicates increasing bullish momentum, the Relative Strength Index (RSI) indicator has peeked into the overbought zone, which hints at an upcoming bearish correction.

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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