Monero, one of the many altcoins amongst the top 20 of the global crypto market, appears drawing an opposite trend against the US Dollar. In this regard, we see a bullish sentiment after hitting the monthly lows at the onset of the ongoing month. Just when the majority of the lucrative cryptos are seen drawing slight bullish crossovers after the major setback, XMR coin has been strengthening exactly right.
$XMR looks like it may be ready for another market cycle
— The Crypto Dog? (@TheCryptoDog) September 29, 2020
XMR/USD has been trading away from the monthly lows and is quite close to regaining the same momentum to reclaim the fresh YTD high, as it trades at $99. Over the past 30 days, Monero’s price was seen hitting a clear YTD high at $105, but with a stringent resistance at $100, it is yet to breach the same.
Monero Price Analysis
Today, the XMR coin was seen trading at $99, slightly below the immediate resistance at $100. At the onset of the month, the Monero price was seen breaching the lower band, while it hit the major support at $73. The currency has gained over 35% in less than 30 days and over 290% in 6 months from the YTD low marked at $25.
With the recent gain in price, the coin is now breaching the upper band. With this, Monero is confirming support from short-term daily moving averages at $90 & $70. The major cryptocurrency—Bitcoin is seen consolidating below $11k, as usual, and is gaining no traction to cross the major resistance. The MACD reflects bullish crossover due to gradual gain in XMR price, and the RSI is at 59.39 and is trending towards the overbought region.