Altcoin Monero will develop a rise above the $100 support

The Monero (XMR) cryptocurrency has confirmed the support status at $96, and bullish technical indicators point to the potential for further upside towards the next resistance.

Long-term dynamics

XMR is trading above the $96 level, which previously acted as a resistance and prevented breakout attempts four times. Now that this area has turned into support, the next resistance is expected to be around $119.

The 3-day RSI signals bearish divergence, breaking through the divergence trend line during the recent upswing.

The XMR chart from TradingView

The daily chart shows that on Friday the price formed a very long lower wick, which signals the presence of upward pressure. Moreover, at the close, the coin exceeded the previous high on August 21, thus re-testing this resistance area.

Technical indicators paint a bullish picture. The stochastic oscillator has formed a bullish intersection and is moving north along with the RSI and MACD. This speaks in favor of a further rise in quotes to the above-mentioned resistance.

The XMR chart from TradingView

Wave analysis

Long-term wave analysis of XMR suggests that the price is at the stage of wave C within the corrective structure A-B-C (white color on the chart below). Based on the length of wave A, the most likely target for the top within the current rise is the $157-$166 area.

The shorter wave C should end around $120.

The XMR chart from TradingView

The shorter-term chart shows that the altcoin is at the stage of the final sub-wave (blue color) of the fifth wave (black color) within the mentioned wave C.

The XMR chart from TradingView

On even shorter-term charts, there is a small sub-wave 1 inside sub-wave 5 (blue). If you believe this wave analysis, the price will roll back to the $88 area, where the 0.618% Fibonacci retracement level is located relative to the previous growth before resuming growth.

XMR/BTC pair

Cryptocurrency Trader @Cryptoelite he shared the XMR/BTC chart on Twitter, where he notes the breakout of the channel and an important moving average.

Source: Twitter

The XMR/BTC pair has been trading near ₿0.0065 since the beginning of February. In July, the quotes moved to growth and are now moving in the direction of the next resistance of ₿0.014.

Technical indicators paint a bullish picture, assuming that this resistance is reached. The stochastic oscillator has formed a bullish intersection and is rising along with the RSI and MACD.

Thus, the quotes are likely to continue a smooth rise and eventually reach the zone of ₿0.014.

The XMR chart from TradingView

Disclaimer


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