Monero has recently formed higher lows and higher highs to trade inside an ascending channel on its 1-hour chart. Price is bouncing off support and might be due for a move back to the channel resistance around $135.
It’s also worth noting that Monero broke to the upside of its descending triangle, signaling that a climb of the same height as the chart formation may be underway. This spans around $112 to $130.
However, the 100 SMA is below the longer-term 200 SMA for now to hint that the path of least resistance is to the downside. This could mean that bearish pressure is still in play and might lead to a break below the $112 support zone, spurring a downtrend. Then again, the moving averages seem to be oscillating to reflect recent consolidation action.
Stochastic is also pointing down to reflect that sellers currently have the upper hand, and this oscillator has room to slide before hitting oversold levels. This means that bears could continue to stay in control and keep pushing for declines. RSI is also heading lower to signal bearish pressure and has plenty of room to move south before indicating oversold conditions, so Monero might follow suit.
Monero has drawn support from news that the team is opening its malware-fighting options to the community. Its website provides fixes to common issues encountered by Monero traders, thereby helping fortify the network from the usual security attacks.
Still, there are a number of hackers attempting to target Monero holders, leading co-founder Ehrenhofer to earlier write:
The Monero community condemns this malicious, non-consentual use of equipment to mine. Unfortunately, the Monero network itself actually benefits by having a wide set of stakeholders mine, since the network’s security is afforded through a distributed set of users.
Furthermore, he shared hopes to be able to provide Monero support from the website directly, but for now it is being run by a self-organized set of volunteers that maintains these resources and provides live support.