- It is believed that 2018 was the year of crypto correction.
- Monero is still poised for more growth could come into contact with $50.00.
Monero is among the biggest single-digit gainers in the crypto market especially when considering the top 20 digital assets. The market retraced following the gains that came just before Christmas. However, the bulls did not stay down for long as the market is back in the green in wait for the new year rally. It is believed that 2018 was the year of crypto correction and that 2019 will see the assets break out of bear range and record significant gains.
Meanwhile, Monero is trading at $46.99 at the time of writing. This comes after a more than 5.5% gain on the day. Like most of the assets, Monero caved in at the grip of the bears in the past few days. The crypto corrected lower breaking below a couple of support areas highlighted the 61.8% Fib retracement level of the last upward swing of $53.16 and a low of $53.76, marginally below $50.00. The other broken support is at $44.00, although the Monero formed a low at swing low before resuming the current surge.
The bulls pushed for an upward correction past both the 21 SMA and the 50 SMA in the 15′ range. A break above the trendline resistance at $45.63 paved the way for further recoil that is testing the 38.2% Fib level on the same chart.
A look at the chart shows that Monero is still poised for more growth could come into contact with $50.00 (seller concentration zone). The RSI on the 15′ chart is deep inside the overbought to mean that the buyers are ignoring the overbought levels. Moreover, the MACD has crossed into the positive region in addition it is still in an upward direction. There has been a double cross with the 21 SMA moving above the 50 SMA to indicate that the bulls have the power and upward correction is expected in the coming sessions on Friday.
XMR/USD 15′ chart
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