Monero Market Update: Can XMR/USD bullish action smash the $70 resistance?

• Monero price upward action is capped within the confined of a descending channel.
• The bulls stamp their feet on the ground ready for action above the short term resistance at $70.

Monero (XMR) has not been left behind by the bullish wave traversing the cryptocurrency industry. The gains recorded from the days’ opening at $65.76 have pulled XMR/USD to $68.59 (intraday highs). Meanwhile, after adjusting to $68.13, Monero is still up 3.68% on the day.

Monero price technical update

The recovery made is yet to match the resistance of a descending channel as observed on the 4-hour chart. However, the bullish action is far from over and according to the technical levels, it could force the price higher, even break the key hurdle at $70.00.

If the RSI is taken into account, then bulls are largely in control. Its continued motion above the average would strengthen the bullish momentum in the coming sessions. The MACD, in the same range, is also grinding upwards, almost crossing above the mean line.

However, Monero price is still under the moving averages, suggesting that bearish action is present and cannot be ignored. A break above $70.00 is likely to open the door for gains above the stubborn channel resistance.

XMR/USD 4-hour chart