Monero Price Analysis: XMR pushes another 5% higher to close in on previous wave high

Monero trades 5.42% higher on Wednesday outperforming the crypto majors.
The major resistance for the bulls stands at 68.265 and a break would mean a new wave high.

XMR/USD 1-hour chart

Monero has been trading well in recent session and on Wednesday pushed over 5% higher. The price has now broken the red trendline on the chart and looks set to hit the green resistance zone at 65.82. Beyond that, the high on the chart stands at 67.67 and the bulls will be looking to take this out to test the psychological 70.00 zone.

Looking at the indicators, one potential problem could be the lack of volume. The volume on the sell-side seems much larger than the buying volume at the moment. The relative strength index indicator is also in a overbought position and this indicates there could be a small pullback. Lastly, one positive is the price holding above the 200 and 55 moving averages. This will be looked as bullish and if the price does drop they could act as support zones.

Additional levels

XMR/USD

Overview
Today last price	64.7797
Today Daily Change	3.3432
Today Daily Change %	5.44
Today daily open	61.4365

Trends
Daily SMA20	61.761
Daily SMA50	56.4473
Daily SMA100	61.5748
Daily SMA200	59.3694

Levels
Previous Daily High	62.1407
Previous Daily Low	59.1937
Previous Weekly High	65.8981
Previous Weekly Low	57.3825
Previous Monthly High	68.4603
Previous Monthly Low	46.6161
Daily Fibonacci 38.2%	61.0149
Daily Fibonacci 61.8%	60.3194
Daily Pivot Point S1	59.7065
Daily Pivot Point S2	57.9766
Daily Pivot Point S3	56.7595
Daily Pivot Point R1	62.6536
Daily Pivot Point R2	63.8706
Daily Pivot Point R3	65.6006

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