Monero (XMR): Biggest daily gainer defies bear trend to stage a reversal

The market resumed the downtrend on Thursday as Monero slipped below a vital support area. While heading to $40.00, the digital asset found bearing at $40.50. This re-ignited trend as the price corrected higher above the 23.6% Fib retracement level with the last swing high of $46.86 and a low of $40.50.

Additional gains made it above the trendline resistance at $42.57. However, lack of support and catalyst saw the trend lose steam unable to correct above the 50% Fib retracement level. The prevailing sideways trading is likely to dominate in the coming sessions and could spill into the weekend trading.

The MACD has crossed into the positive territory to market the return of the bulls. The MACD signal is remaining above the mean line at 0.0. In addition to that, the Relative Strength Index could not hold the position in the oversold and is currently in a range at 50%. The 50 SMA had double-crossed above the 100 SMA on an hourly range to show that the bulls are still in control.