XMR Finally Embarks on a Bullish Journey
- Monero’s 5-day chart seems a bit relieving to the investors; bullish breakout took place on the third day
While the world is waiting to come out completely from the horrifying Coronavirus, the crypto market is attempting a slow healing process right now. Notably, Bitcoin has kept itself above $6000 since yesterday, and this stable attitude may reflect over the rest of the market.
As it shows in the chart, the XMR price has been rising steadily for the last two days. The coin has formed an impulse pattern over the last 5 days. Monero price may mark its 5-day high today as it approaches resistance above $47.
The coin has cleared price barriers at $42 and $45 with a bullish bias while the support level stands at $37. Also, an immediate support level has been formed at $38.25.
- Monero coin keeps giving bullish signs though volatility can alter this anytime
The coin is well above the 200-day EMA line, which shows a positive sign on a clear note; however, sustained price rally cannot be predicted at this moment. Bollinger bands are not in the volatile zone, while moving averages have formed a bullish crossover.
- Technicals are bullish, but resistance levels are not too far
Monero is primed to cross the 0% fib level (at $47.88), and here it may see price barriers. 5 days ago, the coin was strolling around $40, and after a few ups and downs, the coin has risen to quite an extent.
Recently, the XMR coin has formed a minor dip at $46, which was above the 38.20% fib level. Here, RSI is stable enough at 59, while MACD is about to form a bullish breakout.