Monero's XMR Confirms a Break Above Ichimoku Cloud versus USD [Video]

Kiana Danial, CFP Invest Diva

Monero’s token, XMR has been bumped up to the 10th largest cryptocurrency by market capitalization as it saw a 35% gain in the past seven days. Monero has been getting crypto miner’s attention as one of the most profitable cryptos to mine in the past few months as Bitcoin mining profit has been sliding. It also gained recognition as one of the strongest privacy coins, because it's designed in a way to ensure that all XMR transactions are 100% unlinkable and untraceable. But one of the reasons behind recent hype around Monero may be because The Economist dropped its name in one of its recent articles, along with other cryptocurrencies including Dash, Litecoin, and Ether. From a technical standpoint, the hype looks legit though, as XMR/USD just confirmed a break above the daily Ichimoku cloud and completed a saucer bottom bullish reversal chart pattern when it broke above the 120 pivot point. While we could see a temporary pullback towards the cloud as we normally do, it looks like XMR could reach the 76% Fibonacci retracement level of $163 if the bulls continue to ride on this new uptrend. What do you think?

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Author

Kiana Danial, CFP

Invest Diva

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert.

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