- XMR/USD posts higher highs and higher lows within an ascending channel.
- Upward correction is expected above the current value at $91 especially with the target is on $100.
Monero is among the few coins on the market that is grinding upwards ignoring the bear pressure. The intraday chart shows an asset that is keen on recovering to its lost glory especially when considering the incredible performance last week. Prior to the declines experienced last week, Monero had shown great bullish strength and revived the investors’ hope that $100 target in the coming few weeks was a possibility.
A high was formed at $96.645 before the bears launched a revenge mission that lasted through the weekend trading. Monero took a pit stop at the 38.2% Fib retracement level taken between the last swing high of $96.64 and a swing low of $76.99 at $84.53, however, rising selling pressure saw XMR/USD tumble further below $80.00. Support was established at $76.99 preventing declines under $76.00.
This paved the way for an upside correction that tested the broken 38.2% support. The price thinned once again but this time the ascending trendline barricaded the declines leading to a quick reversal above both the 50 Simple Moving Average (SMA) and the 100 SMA. Monero bulls have since been increasing their entries as XRP/USD trades higher highs and higher lows within an ascending channel as seen on the chart. Besides, the price is still above the moving averages to show that this bullish momentum has strength. Other technicals are in the favor of the bulls hence upward correction is expected above the current value at $91 especially with the target is on $100.
XMR/USD 15′ chart