Monero (XMR) – Looking to upgrade the short-term bullish structure
Posted on Monday, May 30 2022 at 8:30 pm GMT+0000
Monero (XMR) has been on the rise since the 12th of May where the selloff unfolded in the second half of April faltered at a fresh 15-month low of 118. Following a brief retracement lower, the positive impetus re-emerged shooting the price higher towards the previous intraday top. Moreover, the fresh bullish cross between the 20-and 55-period exponential moving averages is endorsing the positive prospects.
The momentum oscillators are currently promoting further bullish actions raising the stakes for a bullish breakout. Specifically, the TSI has crossed above its red signal line into the positive region., while the momentum indicator keeps stretching its upwards move in the positive zone.
All eyes are now on the recent top at 207 a breach of which will upgrade the short-term positive outlook, boosting the price straight to the 161.8% Fibonacci extension level at 231. Another extension higher from here will stretch to the 261.8% Fibonacci extension at 270.
However, if the aforementioned top proves to be hard to clear, the price will slip back towards the 20 and 55-period exponential moving averages. Below those lines, sellers will test the 168 bottom. Snapping that obstacle, they will gain further confidence to tackle the 19th of May low of 150. Next, they will aim for the 12th of May bottom at 118.
In brief, Monero is exhibiting a strong bullish tone while striving to make more significant headways. A decisive step beyond 207 will bolster buying appetite, while a drop below 168 will feed further negative price movements.
