Monero Technical Analysis: Bulls testing $70 barrier

XMR/USD Daily Chart

• XMR/USD went up from $64 to $69.70 as bulls look to test the $70 barrier.
• The last session took the price above both the 200-day simple moving average (SMA 200) and SMA 20 curves.
• The relative strength index (RSI) indicator is creeping towards the overbought zone.
• The daily market has had a bullish breakout from the triangle formation.

XMR/USD 4-Hour Chart

• The 4-hour market has had a bullish breakout from the red cloud of the Ichimoku indicator.
• The red cloud shows increased bearish sentiment in the near future.
• The last three sessions of the Elliot wave oscillator are bullish following five consecutive bearish sessions.

XMR/USD Hourly Chart

• The XMR/USD hourly chart was able to go above the upper curve of the 20-day Bollinger band before the bears brought the price back inside.
• The Bollinger band indicates an increasingly volatile market.
• The 20-day simple moving average (SMA 20) curve has crossed over the SMA 50 curve and is looking to converge with the SMA 200 curve.
• The RSI indicator is trending barely inside the overbought zone.

Key Levels