- Monero is trading higher highs and higher lows above the trendline.
- Technical indicators continue to send positive signals.
The majority of coins and altcoins are struggling to make higher consolidations following the bullish breather in the market since the week started. Bitcoin (BTC), for example, retraced higher to trade highs of $7,130 but trimmed gains towards $6,800 yesterday. Ethereum is range bound at $280 while Ripple is still testing the support at $0.3250.
Monero (XMR), on the other hand, has embarked on a decent upside roll today, Friday 31. The digital asset has corrected higher by more than 7% on the day, besides the trend is still strongly bullish. Monero recently descended below the key support at $98.00, forming a low at $96.49 giving the buyers an opportunity to enter. There was a struggle at the broken support at $98.00 but trading above this level and the 50SMA (hourly chart) at $98.11 triggered a spike in an engulfing bullish candle.
Monero is trading higher highs and higher lows above the trendline. There has been a break above the $110 resistance level and the next target is $112 in the short-term. Monero buyers are intending to cloak $115 and eventually $120 in the medium term. Besides, technical indicators continue to send positive signals. The stochastic has changed direction upwards towards the overbought zone. A short-term support is seen at $108 while the 50 SMA currently at $106.25 will offer more support. In the event a reversal extends, the 100SMA at $102.61 will prevent declines heading to $100.00.
XMR/USD 1-hour chart
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