Monero Looks Promising in the Short-Term
We’re making a slight shift from looking at BTC markets to checking out what’s going on with the Monero USD pairing.
Let’s start with the daily resolution.
The long-term downtrend resistance still presents an overhead impediment to further price action. This overhead resistance spans back to March 4th, 2018.
At the bottom of the chart we can see a slight BARR formation developing:
This formation typically precedes significant negative price action. However, that does not mean that there are no further gains left to be experienced for Monero.
Let’s take a look at possible future price action for Monero (on the USD pairing):
This potential gain represents a +18% upside for Monero / USD on the daily resolution, which is significant.
That would place the target price at roughly $62.
Exponential Moving Averages
Price is over the EMA-50, which is bullish. EMA-50 is always a strong support and resistance. In this instance, since the price is above, it will be a strong support.
EMA-12 > EMA-26, which is always a bullish cross.
EMA-12 > EMA-50, which is significant as well.
There is noted overhead resistance at $56.75 on account of the EMA-100 on the daily resolution.
Weekly Resolution Look for Monero
Monero looks like it could be ready for a serious upswing on the weekly resolution. However, this is in the long-term.
Let’s start with the daily resolution.
The long-term downtrend resistance still presents an overhead impediment to further price action. This overhead resistance spans back to March 4th, 2018.
At the bottom of the chart we can see a slight BARR formation developing:
This formation typically precedes significant negative price action. However, that does not mean that there are no further gains left to be experienced for Monero.
Let’s take a look at possible future price action for Monero (on the USD pairing):
This potential gain represents a +18% upside for Monero / USD on the daily resolution, which is significant.
That would place the target price at roughly $62.
Exponential Moving Averages
Price is over the EMA-50, which is bullish. EMA-50 is always a strong support and resistance. In this instance, since the price is above, it will be a strong support.
EMA-12 > EMA-26, which is always a bullish cross.
EMA-12 > EMA-50, which is significant as well.
There is noted overhead resistance at $56.75 on account of the EMA-100 on the daily resolution.
Weekly Resolution Look for Monero
Monero looks like it could be ready for a serious upswing on the weekly resolution. However, this is in the long-term.
Trade closed manually
Almost hit the target. Screwed me before it could get there. I won't forget this Monero!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.