- Monero price confidently leads recovery in a fundamentally bearish market.
- The buyers look forward to breaking above $40 in preparation for the assault at the 100 SMA.
Monero bulls are back with a bang on Saturday posting over 5% in gains on the day. Almost all other cryptocurrencies are in the red led by Ethereum (ETH)’s 5% dip, Bitcoin (BTC)’s 4% loss and Ripple (XRP)’s 4.73% decline. However, Monero is presenting an entirely different picture especially with the trend being strongly bullish and the volatility high.
The hourly chart shows the bulls keen on nurturing a bullish momentum above an ascending trendline. Unfortunately, for the buyers $40 is the immediate resistance while XMR/USD is teetering at $38.79. If the buyers overcome the seller congestion at $40, they must then be prepared to deal with the resistance at the 100 SMA at $45 in the hourly range and the 50 SMA at $54.12.
On the other hand, if a break above $40 fails to materialize, the RSI shows signs of a sideways action taking over in the coming sessions. On the brighter side, if the technicals remain the same, there is a chance that the bulls could hold tight in the driver seat. The MACD confirms the buyers’ position in the market by the slightly visible bullish divergence.
XMR/USD 1-hour chart
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