XMR/USD bullish continue to flex muscles amid widespread depression

Fibo Quantum

  • Monero keeps bouncing off the ascending trendline support.
  • The past of least resistance is upward sideways as the RSI and the MACD settle in a ranging direction.

The crypto market is broadly depressed following fresh bearish momentum across the board. However, for Monero (XMR) the picture is completely different. It is amazing how the bulls have managed to keep the bears at bay to more than 1% in gains on the day.

Monero is trading at $64.77 after the bullish leg tested $67.00 earlier today. The price has in the past two weeks been pushing for correction above trendline support. Moreover, the increasing gap between the 100 Simple Moving Average (SMA) on the 4-hour chart and the 200 SMA clearly shows the buyers have the upper hand.

From a different technical perspective, Monero’s stalled uptrend is likely to settle in a range between $62.00 and $64.00. The Relative Strength Index (RSI) is ranging marginally below 70. At the same time, the Moving Average Convergence Divergence (MACD) is in a horizontal direction above the zero line, in turn, signaling that the bulls have the upper hand.

XMR/USD 4-hour chart