Corrects sharply from a six-month high, bullish bias still intact

Fibo Quantum

  • XMR/USD corrects from fresh half-yearly highs hit on Saturday.
  • Technical outlook across the time frames favor the bulls.
  • Coin ditches its other crypto peers, trades in the green.

Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $ 1.68 billion and an average trading volume of $167 million, is leading the pack of top 20 widely traded cryptocurrencies this Saturday. The coin has gained almost 2% over the last 24 hours, bucking the bearish momentum seen across the crypto space. At the time of writing, XMR/USD trades near the 95.25 region, having hit the highest levels in six months at 96.78 in the last hour.

XMR/USD, 1-hour chart

  • An ascending triangle breakout was confirmed earlier today, pattern target lies at 100.49.
  • Hourly Relative Strength Index (RSI) takes a U-turn for just beneath the overbought territory, looking to test the mid-line at 50.0.
  • Correction from multi-month tops likely to extend in the near-term.
  • Bullish 21-HMA offers immediate support at 94.50 while the next support awaits at 50-HMA of 93.25.

XMR/USD, daily chart

  • No. 14 coin portrays a potential rounding bottom formation.
  • A break above 97.91 needed to validate the pattern, with the target seen at 151.83 over the next six months.
  • The spot trades above all the key Daily Simple Moving Averages (DMA).
  • Daily Relative Strength Index (RSI) consolidates in the overbought territory, with further room for upside.
  • All in all, any corrective downside in a bargain-buying opportunity for the XMR bulls.

XMR/USD technical levels to watch