Altcoin Monero will develop a rise above the support of $ 100

Altcoin Monero will develop a rise above the support of $ 100

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Contents

Altcoin Monero will develop a rise above the support of $ 100
CONTENT

  • Support and resistance are located at $ 96 and $ 119, respectively

  • XMR is in the fifth wave of a bullish wave structure

  • Resistance in the XMR / BTC pair passes at ₿.014

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Monero (XMR) has confirmed support status at $ 96, while bullish technical indicators point to potential for further rally towards next resistance.

Long-term dynamics

The XMR is trading above the $ 96 level, which previously acted as resistance and thwarted four breakout attempts. Now that this area has turned into support, next resistance is expected around $ 119.

3-day RSI provides bearish divergence signals by breaking the divergence trend line during the recent rally.

XMR Chart by TradingView

The daily chart shows that on Friday the price formed a very long bottom wick, which signals the presence of upward pressure. Moreover, on the close, the coin exceeded the previous high on Aug 21, thus retesting this resistance area..

Technical indicators paint a bullish picture. The Stochastic Oscillator has formed a bullish crossover and is moving north along with the RSI and MACD. This speaks in favor of a further rise in quotes to the aforementioned resistance.

XMR Chart by TradingView

Wave analysis

Long-term XMR wave analysis suggests that price is in the C wave within the A-B-C corrective structure (white in the chart below). Based on the length of wave A, the most likely target for the top within the current rally is the $ 157- $ 166 area.

Shorter wave C should end around $ 120.

XMR Chart by TradingView

The shorter-term chart shows that the altcoin is at the stage of the final sub-wave (blue) of the fifth wave (black) within the mentioned wave C.

Altcoin Monero will develop a rise above the support of $ 100

XMR Chart by TradingView

On even shorter-term charts, there is a small subwave 1 within subwave 5 (blue). According to this wave analysis, the price will retrace to the $ 88 area, where the 0.618% Fibonacci retracement level relative to the previous rally is located before resuming the rally..

Altcoin Monero will develop a rise above the support of $ 100

XMR / BTC pair

Cryptocurrency trader @Cryptoelite tweeted an XMR / BTC chart showing a channel breakout and an important moving average.

Source: Twitter

Altcoin Monero will develop a rise above the support of $ 100

The XMR / BTC pair has been trading near ₿0.0065 since early February. In July, the quotes switched to growth and are now moving in the direction of the next resistance ₿0.014.

Technical indicators paint a bullish picture, suggesting that this resistance is reached. Stochastic Oscillator has formed a bullish crossover and is advancing along with RSI and MACD.

Thus, the quotes, most likely, continue to rise smoothly and eventually reach the zone ₿0.014.

XMR Chart by TradingView

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