A Technical Analysis of Monero (XMR/USD) For May 2019

Monero Technical Analysis 

Welcome to another crypto technical analysis where we carry out a top-down analysis of the price patterns setting the pace for the current bullish trend of the Monero, XMRUSD.

XMRUSD: Monthly Chart

Starting from the monthly chart of the XMRUSD, the RSI comes out of the overbought territory by a cross below the level-30 on March 01 ’18, ushering in the crypto winter.

The four consecutive bearish accumulation patterns signaled from July to October ’18 reinforced an increase in selling pressure that led to about 62.8% price collapse.

An end to the XMRs view of the crypto winter was signaled by a breakout of bearish accumulation on March 01 ’19. The bullish campaign is currently reinforced as the bulls threaten to force the RSI above the level-50.

XMRUSD: Weekly Chart

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The XMRUSD pair came out of oversold on December 17 ’18 by a cross above the RSI level-30.

Coming out of oversold, the XMRUSD continued into a steadily growing bullish trend, and the RSI again crossed above the level-50, which indicates an increase in demand for the anonymous crypto as last week closed at 90.405.

XMRUSD: Daily Chart

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Referring to the above daily chart, the RSI shows points of trade reentry by a cross of the level-50 on May 01 and 11 ’19.

Before the RSI cross above level-50, a bullish accumulation pattern was signaled on April 27 ’19 with support at 63.086. The price surged by roughly 50.6% away from the accumulation pattern.

On May 16 ’19, the XMRUSD exited overbought zone after establishing a high of 97.0.

XMRUSD: H4 Chart

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The bullish Fakey pattern signaled on May 14 ’19 15:00 forced the pair into the overbought territory as shown by the RSI indicator.

Profit taking point was signaled by a cross below the RSI level-70 on May 15 ’19 23:00. Not long after the exit of the overbought region, the pair breaks above hidden bearish accumulation resistance on May 17 ’19 15:00.

XMRUSD: H1 Chart

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The above 1hour time frame started with a regular bullish divergence of the RSI on May 14 ’19 17:00. A breakout of double bearish accumulation on the same date confirmed the bullish price rally.

An opposite bearish regular divergence in combination with a bearish Fakey pattern was signaled on May 15 ’19 22:00, which led to a price collapse of about 17.9%.

The pair later signaled another regular bullish divergence in combination with a breakout of bearish accumulation on May 17 ’19 16:00.

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Above is an update to the 1hour chart confirming the rally following the signaled regular bullish divergence on May 17 ’19 07:00.

Major Resistance Levels of (MONERO)

Weekly

150.0, 170.0, 299.0

Daily

97.00

4Hour

97.00

1Hour

97.00, 87.00

Major Support Levels of (MONERO)

Weekly

38.50, 46.41, 60.106

Daily

63.086

4Hour

74.716, 80.338, 77.510, 79.407

1Hour

78.052, 79.915, 79.049, 85.016

Conclusion and Projection

The bullish campaign grows stronger as the price of the XMRUSD threatens to cross above the level-50 on the monthly chart and heading towards the level-70 of the weekly chart.

We look forward to last year’s bearish accumulation resistance of 150.0 as profit target for exiting long positions.

Read more crypto technical analysis for Bitcoin, Ethereum, Bitcoin Cash and other great cryptocurrencies.

 

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