Monero Price Analysis: XMR/BTC Finds Support Above ₿0.008

Will XMR move outside of this range? Keep reading below if you want to find out. Want to win free Newcastle tickets? Follow this link to sign up for free with our partner exchange and get a chance to win!

Monero Price: Trends and Highlights for August 1

• XMR/BTC has reached a very significant support area.
• It is trading inside a descending channel.
• Long-term bullish divergence has developed in the RSI & MACD
• There is resistance at ₿0.0089.

Long-Term Support

A look at the weekly time-frame shows that the Monero price is trading inside a descending channel and it has reached a significant support area. The support area is found near ₿0.008. It coincides with the descending support line of the channel. At the time of writing, the price was trading slightly above it. According to the RSI and the MACD, the price is likely to begin increasing soon. Both have been generating bullish divergence. In the case of the MACD, the divergence is enormous and has been developing since September of 2018. The divergence in the RSI pales in comparison. However, both are visible up to the three-day time-frame. Therefore, this divergence is very significant since:

• It is present in both indicators.
• The divergence is present in long-term time-frames.
• It is occurring inside a significant support area.

This makes us believe that the XMR price will soon begin to increase. A look at the moving averages, however, does not help us in determining when that will occur. The price finally moved above the 10-period MA. However, it immediately decreased, and currently, it is either slightly above or below it. Furthermore, while the 10-period MA has started to turn upward, it has not yet made a bullish cross. So let’s turn to a short-term time-frame to see if we can figure out when the upward move will begin.

Short-Term

A look at the six-hour time-frame shows that the XMR price is following an ascending support line. At the time of writing, it had just reached the support line. This is the fourth time the line has been touched, increasing its significance. If the price continues to increase at the rate predicted by the line, a possible outline of future movement is given below. There is one minor resistance area at ₿0.0089. According to our analysis, the price is likely to reach it and drop towards the ascending support line. Eventually, we believe XMR will break out.

Monero Price Summary

The XMR price is trading inside a long-term descending channel. According to our analysis, it is likely to begin an upward move towards the resistance line. There are several minor resistance areas along the way. Do you think XMR will begin an upward move? Let us know in the comments below.

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Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.  Images are courtesy of TradingView.