- Monero is one of the outperformers on Thursday rising over 6%.
- The price tested the top of the channel but stopped at 50.00.
XMR/USD 1-hour chart
Monero is one of the clear outperformers of the session on Thursday, In fact the structure of the chart is much more bullish than most of its counterparts. The pair continues to make higher highs and higher lows but the up waves had been losing momentum.Now it seems the price has stalled at the 50.00 psychological level and this zone matched with the top of the channel.
The price is trading above the blue 50 EMA and the 200 SMA. This is seen as a bullish sign and keep an eye on the moving averages to see if they provide some support. On the downside, 45.50 could also be an area of support as it has been used a few times in the past. Also higher up a break of 50.00 could lead to a test of the next resistance zone at 52.76.