XMR/USD technical analysis: Can Monero break 75.000 today?
- Monero is hovering above breakeven for the day as other cryptos suffer.
- There is a key resistance level coming up on the hourly chart.
On a longer-term scale Monero has been depressed for a while now but in 2019 we seemed to have found some momentum on the upside.
Since July price has retraced somewhat from 120.000 to just above 65.000.After a few consecutive lower low and lower high waves there could now be an indication of a move higher.
On the one hour chart below, price bounced off the 70.000 level and is now looking to move to the area on the chart where most contracts have been exchanged (VPOC).
The VPOC area is just below 75.000 and has been used as support and resistance on a few occasions.
On the volume front, the market still seems to be on the sell side as the main volume spike are on down sessions.
If the price does break 75.000 we could be in for a move higher and the next resistance level is at 80.000 where price failed to break on two occasions.
The RSI is also just broken above the 50 midpoint and has some room to move to the upside after consolidation lower previously.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
