Monero technical analysis: XMR/USD four-hour price charts seven straight bullish sessions
- The four-hour price has also broken above the green Ichimoku cloud.
- The hourly chart has peeked above the 20-day Bollinger band, indicating short-term bearish correction.
XMR/USD daily chart
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Contrary to the rest of the crypto market, XMR/USD has managed to chart two straight bullish sessions. The price of Monero has gone up from $52 to $56.80 during this period. The latest session has broken above the resistance provided by the 20-day Simple Moving Average (SMA 20) curve. The Relative Strength Index (RSI) indicator has jumped up from the oversold zone and is trending around 46.875.
XMR/USD four-hour chart
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The four-hour chart has had seven bullish sessions in a row, breaking above the green Ichimoku cloud, SMA 50 and SMA 20. The price is negotiating with the $57 resistance level right now. The Moving Average Convergence/Divergence (MACD) indicator shows seven straight bullish sessions of increasing intensity.
XMR/USD hourly chart
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The hourly chart is comfortably floating above the SMA 20, SMA 50 and SMA 200 curves. The price has peeked above the 20-day Bollinger Band, indicating that the price is currently overpriced and may face bearish correction soon. The Elliott Oscillator shows 12 straight bullish sessions.
Key Levels
Author
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.
