Monero Hits Above $75 as it Retains Support from Daily MAs

  • Monero gives bullish signals as it trades at $75.78 after marking a fresh 90-day high at $77.84
  • XMR/USD retains support from the daily moving averages as it forms a consistent upward channel
  • We do not project any unpredictable volatility in the upcoming days as the 20-day Bollinger Bands move moderately fine
  • The RSI of the coin is around the overbought boundary at 67.44 due to nullified selling pressure and increased trading volume

Monero trades with positive crossovers and is likely to hit major resistance at $78, followed by $80, if it continues to trade with the same pace. Although, if we consider the long-term perspective, a leap above $100 will be the major attraction for the investors and inception to a near-term Bull Run.

Monero Price Analysis

Monero News
xmr/USD Chart By TradingView

Taking a glance at the 4-hourly price movement of XMR against USD on Kraken, we see that it is on a rising spree as it draws the uptrend since the beginning of the year. Important to note, in the early half of the previous month, Monero recorded an impressive growth of 20% until it slid down slightly after ranging at $71. The consistent highs marked helped the price of XMR to gain pace and mark a fresh 90-day high. The 20-day Bollinger Bands laid show a moderate width, and therefore, we do not project any near-term unpredictable downside breakout. The currency is rightly supported as the 10-day MA moves within the band width while the 50-day and 200-day MA remain out of the band width.

Technical Indicators

The MACD of Monero is moving adjacent to the Signal line but the current surge is likely to lead to a bullish divergence as the MACD line may override the signal line.

Alongside, the RSI of the coin on a 4-hourly chart has remained above 70 to a major extent, displaying the actual potential of XMR against USD.

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