Monero Market Update: XMR/USD defiantly bullish above the 50 SMA

April 16, 2020 Editor Monero 0

  • Monero price sustains bullish action on Tuesday by remaining focused on the resistance at $50.
  • The MACD and the RSI signal that a sideways ranging price action could take precedence in the remain sessions.

Monero is among the cryptocurrencies in the green during the European session on Tuesday. The buyers are keen on sustaining the uptrend following the breakdown over the weekend from highs around $52 to $44. March has been a rollercoaster and the buyers would like to see a positive start for the month of April.

At the time of writing, XMR/USD is trading at $47.25 after correcting upwards by 1.22% from $46.65 (opening value). Recovery from the recent dip stepped above the 50 SMA in the 4-hour chart, cementing the bulls’ presence on the market. Jabs have been thrown towards $50 but resistance at $47.46 is impenetrable.

Meanwhile, the RSI ranging trend above 50 emphasizes that buyers are in control. The MACD seems to have found balance at the mean line after dropping from +2.4. Consolidation in the range between $45-$47 would allow the bulls to gather the necessary strength to take on the key hurdle at $50. If push comes to shove, and Monero plunges further down, support is expected at the 100 SMA in the same 4-hour range, $40 and $30 levels.

XMR/USD 4-hour chart

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