- Monero bounces off the trendline and 100 SMA support area.
- The short term resistance at $64 must come down for the bulls to focus on attacking the $66 supply area.
Monero is arguably the biggest single-digit gainer among the major cryptocurrencies on Wednesday. In a gloomy crypto market, XMR is posting at least a 2% growth on the day. The Asian trading session was characterized by bullish muscle-flexing which opened the road to $62.42 (intraday high). Monero has since adjusted to $63.40 at the time of writing.
The 4-hour chart shows the breakout has legs from the support offered by the trendline and the 100 SMA. Also aiding in support is the 61.8% Fib level of the last drop from $67.05 to $51.16.
Glancing upwards, immediate resistance is felt at $64.00 while $66.00 and the last swing high are the nearby supply zones. The RSI on the same 4-hour chart shows that the bulls are slightly in charge. Continued correction towards 70 will signal more buying action. The same bullish momentum is emphasized by the MACD which is holding ground above the mean-line.