• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
technical analysis altcoins
Nexo Logo

Monero (XMR) Price Watch: Correction After Major Bullish Breakout

newsbtc by newsbtc
4 years ago
in Uncategorized
Reading Time: 2 mins read
Advertisement

Monero Price Key Highlights

  • Monero price recently busted through a descending trend line on the daily time frame to signal a major reversal.
  • However, price hit a roadblock near $150 and is pulling back to the broken resistance.
  • The Fib retracement tool applied on the latest breakout move also shows nearby support levels where bulls might return.

Monero price is pulling back after its strong upside trend line breakout, waiting for more bulls to join in.

Technical Indicators Signals

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the downtrend might still be more likely to resume than to reverse. In addition, the 100 SMA recently held as dynamic resistance on the latest rally and may continue to keep gains in check.

Applying the Fib retracement tool on the latest swing low and high shows that the 61.8% level appears to be holding as support, coinciding with a short-term area of interest just above $100. If this holds as support, Monero price could resume the climb to the swing high and even complete a complex inverted head and shoulders pattern.

This would place the neckline around $150, and a break beyond this could spur an uptrend that’s at least the same height as the reversal formation. RSI is still heading south, though, so there may still be some selling pressure left. This could take Monero price for a larger correction to the broken trend line closer to $80 and the swing low.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Stochastic is also moving south but is closing in oversold levels to signal bearish exhaustion. Turning higher could draw buyers to return and lead to a bounce.

XMRUSD Chart from TradingView

Monero price made an upside trend line break right around the release of strongly bullish forecasts from Satis Group. Traders rushed to establish long positions at relatively cheap prices before the anticipated surge in value takes place.

Tags: moneroXMRXMRUSD
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

How Blockchain Technology Expands The Education Frontiers

How Blockchain Technology Expands The Education Frontiers

3 hours ago
Ripple Price Falls Below $0.43 As Bears Take Control Of The Market

Ripple Price Falls Below $0.43 As Bears Take Control Of The Market

4 hours ago
Hayes, a prision cell

BitMEX Mastermind Arthur Hayes Pleads Guilty, Avoids Jail Time

4 hours ago
Ethereum

Ethereum Could Tank Further; Here’s What The Charts Say

12 hours ago
MicroStrategy

MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals

14 hours ago
LUNA

Investors Continue To Trade LUNA Despite Massive Crash

17 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

DeHub Launches The First Blockchain End-To-End Entertainment Hub

May 21, 2022

Carbon Removal Marketplace Achieves Key Milestone

May 21, 2022

NFCore (NFCR) Is Now Available for Trading on LBank Exchange

May 20, 2022

How to Gain Great Sums with Quitriam Finance (QTM), Cosmos (ATOM), Flow (FLOW)?

May 20, 2022

3 Cryptocurrencies that could give you Greater Gains: Mushe Token (XMU), Cardano (ADA), and Polkadot (DOT)

May 20, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.