Monero, at the time of penning down this analysis was trading above $100 at $104.42 after a fairly bullish crossover from trading below $100 in the previous week. It was in the previous week, when XMR/USD was trading slightly below the immediate resistance then, on the daily chart. Moreover, after hitting a fresh YTD high at the onset of the ongoing month when it spurred as high as $113. But right after the fresh YTD high, the price slid below $95 on the daily chart just to mark a yet another lower high at $109, while currently pulls back below 4105 due to intraday volatility.
Anyone lookin at this $XMR setup right now? Perfect spring and creek jump combined with a macro cloud breakout. Trend + Structure :). 2 years of accumulation and she looks ready to blow, so to speak. pic.twitter.com/sIyUFvVFfm
— Bitcoin_Schmitcoin (@BTC_Schmitcoin) October 4, 2020
With gain in price of XMR coin, the social media engagement of the top 15th crypto is acing the race on LunarCrush Socia Listening for cryptocurrencies. Over the past 24 hours, XMR coin has recorded a change of over 7.9% from $101 to $109 in less than 24 hours yesterday. With over 5% change in price, there have been 1,033 social mentions over the past 24 hours that has led to 10x social engagement leading to total of 1,177,842 social media impressions.
— LunarCRUSH Social Listening for Cryptocurrencies (@LunarCRUSH) October 4, 2020
Monero Price Analysis:
Monero, at the time of penning down was seen trading at $104.42 on the above 2-hourly chart by Karken against the US Dollar. However, it is important to note that just when the major altcoins were seen sliding back in the previous month, XMR/USD shows a clear uptrend on the hourly chart. From the monthly bottom of $73 to a monthly high at $113, it strengthened by over 50%.
However, with intraday setbacks, the price trend of XMR/USD was seen pulling after breaching the upper 20-day Bollinger Band and according to the recent momentum and rice of the crypto, the coin is retaining support from 50-day and 200-day MA. While Monero coin trades at $104, the immediate support held is from 50-day MA at $103.5 and 200-day MA below $100 at $96.38.
After a gradual pull back from the daily highs, the signal line is seen crossing above the MACD line as the price of Monero pulls back below $105 after a notable bullish divergence. The RSI of the coin is seen inclined towards the oversold region after demand slash due to price correction and lies at 49.91.