Monero Price Analysis: XMR/USD to retest $100.00 after the downside correction
|- Monero (XMR) moved towards the upper boundary of the current range.
- The downside correction may preceded another bullish wave.
Monero (XMR) is the 16th largest digital asset with the current market capitalization of $1.7 billion. The average daily trading volume reached $128 million, which is the highest level since August 21. The coin has gained nearly 2% on a day-to-day basis to trade at $96.5 by press time.
XMR/USD: The technical picture
Monero (XMR) has been slowly gaining ground since it hit the recent low of $86,17 on August 25. While the upside momentum remains weak, the price has been climbing steadily towards the upper boundary of the recent consolidation channel and moved above the local resisatnce area of $95.00 created by the previous long-term recovery high reached in the middle of February. If the price manages to settle above this barrier and turn in into a support, the upside momentum may start snowballing and break $100.00. The next bearish target comes at $105.90 (August 21 high). It is followed by the long-term resistance of $125.00 *the highest level since June 2018).
On the downside, if XMR/USD slips below $95.00. the sell-off may gain traction with the next focus on $87.00-$85.00 area, which includes the lower line of the daily Bollinger Band and the daily SMA50. The RSI on the daily chart has reversed to the downside, sending bearish signal. It means that the price may be vulnerable to the correction towards the above-said area before the upside is resumed.
XMR/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.