Monero Enters A Long-term Reversal Pattern Against The USD

monero

This morning, Monero, XMR, started the new month with the formation of a long-term reversal pattern against the USD. This was after it busted through the descending trend line to mark the end of the downtrend. An inverse head and shoulders pattern appeared on the chart which is another indication that the reversal is on the way. However, the price of XMR did not break the neckline to confirm the uptrend although this may happen before the end of today. The 200 simple moving average is above the 100 simple moving average. This shows that downside holds the path with least resistance. What this means is that if the reversal doesn’t manifest soon, there might be a sell-off in the market.

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Monero (XMR) Price Today – XMR / USD

Name Price24H (%)
Bitcoin (BTC)
$6,528.86
-0.06%
Monero (XMR)
$106.22
0.91%

The price of Monero broke the dynamic inflation point at the 100 simple moving average. This shows that the bulls may be getting ready to penetrate the market. The stochastic oscillator has moved away from the overbought territory but it is still moving south. So, the sellers have an upper hand than the buyers in the market. The relative strength index, on the other hand, is in a sideways trend to show that there is a consolidation on the way.

Even if the charts reflect a clear struggle between the bulls and the bears, there is still a high possibility of an upside movement against the USD. The fundamentals support an upside move. The Monero development team recently formulated a response team to help protect people from hackers as reported by smartereum.com.

Monero Price Now

At the time of writing, Monero was trading at $114.57 showing a 1.39 percent fall against the USD and a 0.06% fall against Bitcoin. The trading volume over a 24 hour period is $22,635,644 while the total market capitalization is $1,884,965,418. This is according to the data on CoinMarketCapital. The next few trading sessions will determine if the price action will change or not.


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