Monero (XMR) Price Analysis: Get Ready for a Breakout!
Monero is consolidating inside a symmetrical triangle pattern and is approaching the peak of the formation to signal that a breakout is due anytime soon.
The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, a break lower might be more likely to happen than an upside break. However, the gap has narrowed enough to suggest that an upward crossover may be imminent as bullish momentum weakened.
The chart pattern spans $106 to $136 so the resulting move could be of the same height. For now, the moving averages are holding as dynamic resistance as well and could keep doing so. Price would need to close past $124 to confirm an upside break or below $120 to signal a bearish breakout.
RSI is pointing down and has room to head lower before hitting oversold conditions. This means that bears have plenty of energy to push Monero lower. Similarly stochastic has some room to fall before reaching the oversold region to signal bearish exhaustion.
Cryptocurrencies have been tossing and turning for the most part of the week on flipping sentiment, and Monero is no exception. The hack on Bithumb has kept gains in check even as a senior SEC official suggested that altcoins shouldn’t be regulated like securities.
Monero’s community is looking into remodelling the wallet for better usage. First-time users seem to have had difficulty in using the Monero wallet as it needs to be simplified and the sync duration needs to be shortened. Any big developments could prove bullish for Monero price.
Meanwhile, Edge mobile wallet added Ripple and Monero to their service, alongside bigger altcoins like Bitcoin, Bitcoin Cash, Ethereum, and Dash.