Monero (XMR) – Surrounded by positive vibes despite the recent pause in the ascent
Posted on Tuesday, August 2 2022 at 8:48 pm GMT+0000
Monero (XMR) has been rising gradually after halting the sharp June sell-off at a fresh more than two-year low of 96.68. The price has since been developing in an upwards sloping channel and managed to recover remarkable lost ground, coming shy of the 38.2% Fibonacci retracement level of the April – June bear run.
Technically, the current bullish intersection of the 20- and 50-day simple moving averages is supporting improving prospects, with the latter setting the stage for upturn sponsoring the minor bullish trajectory adopted inside the channel.
Moreover, despite the recent stabilization, there are still hopes for further progress given the upward trend in the RSI, which is currently hovering clearly above its 50 neutral mark, as well as the strength in the MACD, which continues to hold above its signal line in the positive region.
That said, traders may wait for additional winning sessions, particularly a durable move above the nearby upper bar of the channel and the adjacent 38.2% Fibonacci level at 170.30, before they target the 50.0% Fibonacci level at 193.04. If the bulls successfully claim the latter, the price could instantly jump towards the late May peak at 209.46.
In the case the price fails to overstep the return line of the channel and slips below the 20-day simple moving average, it will initially seek shelter near the 23.6% Fibonacci level at 142.16. However, a decisive drop below the bottom-line of the channel and the adjacent 50-day simple moving average will dampen the current outlook and pave the way straight towards the May 12th low at 118.18, where any breach lower will trigger an immediate test of the mid-June bottom at 96.68.
In summary, Monero is still surrounded by positive vibes despite the recent pause in the ascent. Buyers will next look for a significant close above the 170.30 barrier before they raise exposure in the market.
