The Monero (XMR) price has regained all of its losses resulting from the Sept 2-4 crash and is currently making an attempt to break out above a major resistance level.
The XMR price is currently trading near an important resistance area found at $132. The area is the 0.382 Fib retracement level and a previous resistance area, above which the price has not traded since Aug 2018.
A successful breakout would likely take the price to $166, which is the 0.5 Fib level of the entire decrease and a previous support area.
XMR Technical Signals
Technical 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.
No Weakness Yet
The 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.
XMR/BTC
The 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.
Disclaimer
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. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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