On July 4, 2019, the Monero price reached a low of ₿0.0074. An upward move followed and the price reached a high of ₿0.0094 on July 8. Since then, XMR has been decreasing, trading in a range between ₿0.0078 and ₿0.0086.
Will the Monero price move outside this trading range? Continue scrolling below if you want to find out.
For our previous analysis, click here.
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Monero Price: Trends and Highlights for August 7
- XMR/BTC is trading inside an ascending channel.
- There is bullish divergence developing in the short-term RSI.
- The price is attempting to move above short-term moving averages.
- The closest resistance area is at ₿0.0081.
A look at the four-hour time-frame shows that XMR has been trading inside an ascending channel since reaching the aforementioned low on July 4.
Both the resistance and support lines have been touched several times.
At the time of writing, the Monero price was trading right on the support line.
Will it increase towards resistance?
Staying in the same time-frame, a look at the RSI suggests that a price increase is in store for the future.
The RSI has been generating divergence since August 1.
The fact that it is occurring at a support line increases its significance and makes an upward bounce likely.
However, the divergence is only present in time-frame up until the six-hour one.
A look at the moving averages shows that XMR has taken the first steps towards initiating this upward move.
The Monero price has moved above the 10-period MA and is trying to break out above the 20-period one.
However, a bullish cross has yet to occur.
A price close above the 20-period MA would likely generate a bullish cross.
In short-term time-frames such as the hourly, this cross has already transpired.
The combination of these indicators makes us believe that the Monero price will soon increase towards the resistance line.
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If it does, it is likely to find minor resistance inside the channel.
One such resistance area is outlined below.
It is found at ₿0.0081.
According to our analysis, the Monero price is likely to reach it.
Monero Price Summary
The XMR price is trading inside a short-term ascending channel.
According to our analysis, it is likely to increase towards the resistance line of the channel.
Do you think XMR will initiate an upward move? Let us know in the comments below.
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.
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