Monero pierced resistance and aimed at $ 100

Monero pierced resistance and aimed at $ 100

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Contents

Monero pierced resistance and aimed at $ 100
CONTENT

  • Monero breaks downside resistance at $ 88

  • Technical indicators on daily charts are giving bullish signals

  • XMR / BTC may advance towards ₿0.014.

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Monero (XMR) has overcome long-term resistance and tested it as support. The price is expected to continue to rise with a target of $ 125.

Breakout of long-term resistance

In early August, the XMR rate broke through the descending resistance line that lasted for over a year. The price then broke the March high at $ 88 and tested this area as support. The next resistance is located at $ 126..

Technical indicators point to strong overbought but are still heading up. RSI and stochastic have entered the overbought zone and continue to rise. No bearish divergence has been noted yet.

XMR Chart by TradingView

The coin is ready to continue

Cryptocurrency trader @nagatodharma pointed out that XMR is in oversold conditions at RSI, which creates conditions for further growth.

XMR Chart by TradingView

Since then, the indicators have formed a bullish cross and the RSI has emerged from the oversold zone. Before that, the RSI formed a strong bullish divergence, and the MACD gave a bullish reversal signal. This suggests that the price is likely to continue moving up towards the resistance zone outlined above..

XMR Chart by TradingView

Wave analysis

Since the beginning of March, the XMR rate has started a five wave formation (shown in black), which will end in the $ 124- $ 129 region, inside the resistance area. As of this writing, the price is moving within the fifth wave (blue) of this formation.

Monero pierced resistance and aimed at $ 100

Target is at 1.61 Fibonacci waves 1-3 (black) and Fibonacci 1.0 subwaves 1-3 (blue).

A dip below the low of wave 4 at $ 85.41 negates this wave count.

XMR Chart by TradingView

XMR / BTC

The XMR / BTC pair looks just as optimistic. The price has consolidated near the 0.0065 support area since October 2019. All this time, the RSI has been generating significant bullish divergence. Moreover, the stochastic RSI has formed a bullish cross and continues to rise

Monero pierced resistance and aimed at $ 100

If the price continues to rise as expected, it is likely to reach the nearest area of ​​long-term resistance at 0.014.

XMR Chart by TradingView

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