Monero Price Analysis: Bullish Breakout Alert on XMR/USD!

Monero Price Analysis: Bullish Breakout Alert on XMR/USD! 13

Monero made a bullish break from its descending triangle pattern but might still have a pullback opportunity for more bulls to join in. Applying the Fibonacci retracement tool on its latest swing low and high shows that the 61.8% level is closest to the broken resistance, which might now hold as support.

The 100 SMA is just crossing above the longer-term 200 SMA to signal a pickup in bullish pressure. In other words, buyers could keep gaining traction from here. A shallow pullback could find support at the 38.2% Fib or $183.284 or the 50% Fib at $179.306, which also lines up with an area of interest.

Stochastic is indicating overbought conditions and is just starting to turn lower to signal that sellers could regain the upper hand from here. RSI is also heading south from the overbought level to hint at a likely correction from the strong breakout move. If any of the Fibs hold as support, price could make its way back up to the swing high at $196.161 or higher.

Monero Price Analysis: Bullish Breakout Alert on XMR/USD! 14

Monero just confirmed its official support from cryptocurrency hardware wallet manufacturer Ledger as lead coder Richard Spagni mentioned in an interview.

“We are on Ledger already if you’ve got the dev kit,” he said. “I saw some commits happening today to fix a couple of small issues… I’d hope that probably alongside the Monero 0.12.1 release, there will be official Ledger support.”

This follows a successful hard fork for Monero that was done to protect the network from certain kinds of ASIC mining. Spagni has pledged to do everything in his power to allow small, individual miners to continue mining the coin as spin-offs like Monero Original and Monero Classic have emerged.

Meanwhile, the pickup in risk appetite in the financial markets on cooling geopolitical risks from Syria and China are also encouraging investors to place bets in cryptocurrencies again.

*The market data is provided by TradingView.