MONERO – ALTCOIN CHART ANALYSIS

 

Monero (XMR) is also in a clearly visible downtrend on the daily chart. Furthermore, we have not formed a higher high here either. Right now we're trading at around $162.00.

Most recently, our green support box held around $130.00 and we've seen a bounce from here. Now the Daily-EMA Ribbons offer us further resistance on the upside.

A setback to lower regions (USD 130.00) is possible again if another sell-off starts on the markets. It is important to sustainably break through the red line and, if necessary, to confirm it in order to be able to form an uptrend.

The XMR/BTC weekly chart, on the other hand, could slowly indicate a trend reversal. The downtrend is slowly coming to an end here and the trading volume has increased a bit lately.

Our green support zone, which is very important, was tested again and held up. At the same time, a bullish divergence has formed in the RSI , which could give us additional impetus.

Nevertheless, it is important that we first break through the downtrend line to the top and then see a retest of the former resistance if necessary. Only then can we be sure that we could form an uptrend.

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