Rajarshi Mitra
Independent Analyst
- XMR/USD went up from $96.65 to $100.57 this Wednesday.
- Market momentum and sentiment is extremely bullish.
Monero bulls had a field day this Wednesday as the XMR/USD crossed $100 for the first time since November 2018. The bulls started Wednesday strong by taking the price up from $96.60 to $100.80 where they met some stiff resistance. The bears then took over and then took the price down to $98.25 over the next five hours. The bulls then found support at $98.25 and bounced back the price up to $101. The bears and bulls then exchanged a session each before the price finally settled at $100.57.
XMR/USD daily chart
Today’s price session took the price to the upper curve of the 20-day Bollinger band, which is an extremely bullish session. The Bollinger jaw has widened as well, indicating increasing market volatility. The market has found support on the upward trending line and is trending above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves.
Down below, the moving average convergence/divergence (MACD) indicator shows increasing bullish momentum. The Elliot oscillator has had six straight bullish sessions. The relative strength index (RSI) indicator is trending at 65.60.
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