Tanya Abrosimova
Independent Analyst
- 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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.