The monero (XMR) price has broken out from a long-term resistance level and validated it as support afterwards.
XMR is expected to continue increasing and potentially reach a new all-time high price in the process.
XMR long-term breakout
During the week of April 12, XMR reached the $351 resistance area and was rejected. The area is the 0.618 Fib retracement of the entire previous downward movement, measuring from the all-time high price.
XMR has made several attempts at moving upwards since. Currently, it is trading at $390. Despite this, it has yet to reach a weekly close above this area.
Nevertheless, technical indicators are bullish. The RSI has just crossed above 70. The Stochastic oscillator has made a bullish cross. The MACD is moving upwards.
Therefore, the token is expected to be successful in moving above this level and gradually increase towards a new all-time high price of $554.
Current movement
The daily chart is also bullish.
First, there is a hidden bullish divergence developing in the RSI, a strong sign of trend continuation.
Furthermore, it seems that the token has just completed a fourth sub-wave triangle, and is now in sub-wave five (orange).
Potential targets for the top of this movement are found at $493 and $590, respectively. The latter would amount to a new all-time high price.
XMR/BTC
Similar to its USD counterpart, the XMR/BTC chart is bullish.
After reaching an all-time low price on Jan 2021, the token reclaimed the ₿0.0063 resistance area. The level is now expected to act as support.
In addition, the RSI has just crossed above 50, the MACD has turned positive and the Stochastic oscillator has made a bullish cross.
Therefore, the token is likely to increase to the next resistance area of ₿0.0113.
Conclusion
To conclude, the trend for both XMR/USD and XMR/BTC is bullish, due to the reclaim of a crucial resistance area.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
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