Monero Price Key Highlights
- Monero is gaining traction since its bounce off the channel support and is testing the mid-channel area of interest.
- Applying the Fibonacci extension tool on the latest correction move shows that the 38.2% level lines up with this barrier.
- Stronger bullish momentum could take it up to the next levels at the top of the channel and beyond.
Monero is gaining traction on its bullish run and looks poised to hit the next upside targets marked by the Fib extension tool.
Technical Indicators Signals
The 100 SMA appears to be crossing below the longer-term 200 SMA to indicate that bullish pressure is fading and sellers might return. Price is still above the moving averages, though, so there’s some upside momentum left. The indicators could also hold as dynamic support on a pullback.
RSI is also turning lower to signal a return in selling pressure so Monero price might follow suit. Similarly stochastic is pointing back down to indicate that sellers have the upper hand until the oscillator hits oversold conditions and moves back up.
If buyers return, Monero could hit the next upside barrier at the 50% extension or $145.25. From there the 61.8% extension is located near the $150.00 psychological resistance then the 78.6% level is at the top of the channel or $155.00. Stronger bullish momentum could lead to a move all the way up to the full extension at $161.56.
Market Factors
The mood in the cryptocurrency industry remains mostly positive so far after most altcoins bottomed out at the end of Q1. The previous week also had a positive run, which might be enough to draw more investor interest this time.
Of course this could hinge on whether or not headlines are still free from any negative industry updates pertaining to crackdowns or hacking incidents. Meanwhile, the dollar has the US CPI release to watch out for, although this might not have much weight on XMR/USD price action.
