- Monero is outperforming its peers on Friday to trade 1.45% higher.
- The pair is moving closer to a key Fib level but shows no sign of slowing down.
XMR/USD 4-hour chart
Monero has one of the most bullish structures compared to lots the other cryptos at the moment. The chart has been consistently making higher highs and higher lows since the major fall that affected all the crypto sphere recently. The price moved into the red channel shown on the chart below. The price was even moving fo fast that it has broken out to the upside. The key 50.00 psychological level has also been taken out another bullish sign.
Close by is the 200 simple moving average, this is normally a good test in the crypto markets and can be important in identifying trend changes. The RSI is also in overbought territory and can indicate a slight pullback before the trend continues. The Fibonacci retracement level of 38.2% is often a good resistance zone, so it would be good to keep an eye on the price there.