We’re making a slight shift from looking at BTC markets to checking out what’s going on with the Monero USD pairing.
Let’s start with the daily resolution.
The long-term downtrend resistance still presents an overhead impediment to further price action. This overhead resistance spans back to March 4th, 2018.
At the bottom of the chart we can see a slight BARR formation developing:
This formation typically precedes significant negative price action. However, that does not mean that there are no further gains left to be experienced for Monero.
Let’s take a look at possible future price action for Monero (on the USD pairing):
This potential gain represents a +18% upside for Monero / USD on the daily resolution, which is significant.
That would place the target price at roughly $62.
Exponential Moving Averages
Price is over the EMA-50, which is bullish. EMA-50 is always a strong support and resistance. In this instance, since the price is above, it will be a strong support.
EMA-12 > EMA-26, which is always a bullish cross.
EMA-12 > EMA-50, which is significant as well.
There is noted overhead resistance at $56.75 on account of the EMA-100 on the daily resolution.
Weekly Resolution Look for Monero
Monero looks like it could be ready for a serious upswing on the weekly resolution. However, this is in the long-term.
Trade closed manually
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Almost hit the target. Screwed me before it could get there. I won't forget this Monero!