- Monero contains price movement within a descending channel whose support is key to the recovery towards $68.
- Bullish momentum is developing amid the RSI’s recovery from the oversold territory.
Monero is following closely in Bitcoin (BTC) steps with gains of 1.61% on the day. BTC/USD has grown 1.61% from an opening value of $8,571 to $8,709 (market value). The rest of the cryptocurrency market is in the green as buyers focus extending the bullish leg after the devastating drop over the weekend.
XMR/USD is trading at $60 after bouncing off the descending channel support. The immediate downside is supported by the 200 SMA in the 4-hour range. Marginally above the market value, is the first resistance presented by the 50 SMA.
The applied indicators such as the RSI and the MACD display a positive picture for the short term. The RSI is pointing north after recovery from the support at 30. In case the movement extends to the average (50), XMR buyers would gain the confidence to join the market and increase their positions in anticipation that the $68 resistance would be brought down.
The same upward trend is supported by the MACD as it makes a return towards the positive region after a drop to -0.966. A bullish divergence above the MACD could signal a stronger bullish momentum in the coming sessions.
XMR/USD 4-hour chart