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MONERO – ALTCOIN CHART ANALYSIS

 


Monero (XMR) is still in an intact uptrend. This has recently intensified again significantly. We are now at a key horizontal resistance.


We are currently trading around $161 and have been consolidating right below this key resistance for some time. So far we haven't made it past the $165 mark with a 4H close. This will now become crucial.


The RSI is in a neutral zone and the trading volume is decreasing significantly. This speaks for an expected move. So the signs are good that we will be able to break through this area the next time we try.


Also on the daily chart we can clearly see that the trading volume is decreasing. Although the RSI is significantly higher on a daily basis, we still have room for improvement.


If we manage to break the resistance, we should have no problem seeing a move to around USD 177. There lies the next monthly resistance R1, where we should see a first backlash.


However, if we break the uptrend beforehand, the first support is around USD 143. There are the daily EMA ribbons and the monthly support P.

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