XMR Technical SignalsTechnical indicators are bullish as the MACD, RSI, and Stochastic Oscillator are all increasing. While the RSI is in overbought territory, it has not generated any type of bearish divergence yet. On the other hand, a decrease would likely take the price to the closest long-term support area at $90. At the current time, this scenario seems unlikely. Cryptocurrency trader @Altcoinsherpa outlined an XMR chart, stating that the price could increase all the way to $175. While the level is slightly above the resistance area we have outlined, it is close enough to create some confluence.
No Weakness YetThe six-hour chart shows that the price has been possibly following an ascending support line since it reached a low on Sept 4. Similar to the weekly chart, there is no weakness in technical indicators, even though the RSI is overbought. The two-hour chart does not show any weaknesses either, even though the rally has started to become parabolic. If the price were to decrease, there is minor support near $113. However, there are no signs that the price will do so just yet. As it stands, the most likely scenario is an eventual breakout above the $135 resistance area followed up by an increase towards $165.
XMR/BTCThe XMR/BTC pair shows a similar movement to its USD counterpart, with the only difference being that the price has not yet reached the main resistance area found at ₿0.0122. If XMR is successful in breaking out above this area, the next resistance would be found at ₿0.0139. Technical indicators are almost identical to XMR/USD in that the MACD, RSI, and Stochastic Oscillator are increasing, with the RSI already in overbought territory. The price is expected to reach the ₿0.0122 area and possibly break out to head towards ₿0.0139. To conclude, the XMR price is expected to eventually break out from the current resistance area and head towards new highs. For BeInCrypto’s latest Bitcoin analysis, click here! Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.