- Monero is one of the best performing cryptocurrencies on Monday and trades 11.26% higher.
- There seems to be an Elliott Wave pattern forming on the hourly chart with a 3rd wave target near 50.00.
XMR/USD 1-hour chart
Monero is having a good session on Monday and trades over 11% higher. At the start of the week, the altcoin is one of the highest performers and is showing signs of moving higher. Since hitting a low of 26.10 on the 13th March the price has pushed higher to reach the consolidation high of 45.42. This is the next major resistance zone for the pair.
Looking closer at the chart, The higher wave low stopped right at the 76.4% Fibonacci retracement level which means this could be the wave 1 to wave 2 phase. If this is the case then the wave 3 could be the 161.8% Fibonacci extension very close to the 50.00 round figure.
It is very hard to say just at the moment if we are in an Elliott Wave pattern but the signs are looking good and seem to be bullish. A break of 45.00 would be a decent confirmation.