Monero Holds Above $ 100 Despite Its Retracement

There is support at $ 96, and resistance at $ 119.

XMR price is likely in the fifth wave of a bullish momentum.

The XMR / BTC pair has resistance at 0.014₿.

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The course Monero (XMR) exceeded the area of $ 96 , and was validated as support. The technical indicators are bullish, and support a continuous rise towards the next resistance zones indicated at continuation.

Long term movement

XMR price is moving above the old resistance of $ 96. The latter has previously rejected four attempts to cross. The price has finally validated it as support and is now preparing for the next resistance, located at $ 119.

The three-day RSI generated bearish divergences, but broke the trendline of divergence during the most recent rise.

The daily chart shows a very long lower wick created on October 2, which is a sign of buying pressure. Additionally, the October 2 close was above the previous August 21 high. The current movement is therefore a new test of this resistance zone.

Technical indicators are bullish. The Stochastic Oscillator has formed a bullish cross and is found rising. The RSI and MACD are also on the rise, and the MACD has turned positive. These are all signs that price should continue to move up towards the aforementioned resistance zone.

The long-term account for XMR suggests the course is in wave C of corrective ABC training (blank below). Based on the length of wave A, a plausible target for the top of the current rise would be between $ 157 and $ 166, which is between the 1.382 fibonacci length of wave A, and the 0.5 fibonacci level of l. entire previous decline.

A shorter wave C, which would only be the length of wave A, would end near $ 120

The shorter-term chart shows price is in the last sub-wave (in blue) of the fifth wave (in black) within the aforementioned C wave.

Using various fibonacci levels, we get similar goals between $ 149 and $ 155.

Finally, the shorter term chart shows a full boost, which would be the minor sub-wave within the 5th sub-wave mentioned above (both are shown in blue). If the count is correct, the price would retrace for some time back to $ 88, which is the 0.618 fibonacci level of the previous decline. It should then resume its upward movement.

Cryptocurrency trader @Cryptoelite shared an XMR / BTC chart showing the still ongoing exit of an accumulation channel, as well as a large moving average.

The price of the XMR / BTC pair has been accumulating near 0.0065₿ since the start of February. It started to move upward in July, and is now moving towards its next resistance zone, located at 0.014₿.

The technical indicators are bullish, suggesting that the price will manage to reach this zone. The Stochastic Oscillator has formed a bullish cross and is found higher, as have the RSI and MACD.