Monero Posts Double-Digit Gains After A Strong Bullish Reversal From $45

Monero posts double-digit gains and has a bearish short-term and medium-term trading bias according to the four-hour time frame that shows a bullish inverted head and shoulders pattern forming that was triggered. Let’s find out more about the price in the latest Monero news today.

The daily time frame shows that the cryptocurrency has bounced from the major trendline support. Monero posts a bullish reversal from the $45 and the cryptocurrency is now trying to recover from the eight-month trading low. The XMR/USD pair has declined by more than 30 percent since the start of November and is now trading around 58 percent below the current 2019 trading high.

The technical analysis shows that the XMR/USD pair is still bearish in the short and medium-term but the signs are emerging that the recent recovery can turn out to be sustainable. The four-hour time frame shows there is a small inverted head and shoulders pattern that has been triggered with the .
buy aciphex online http://www.gfrpartners.com/wp-content/themes/twentyfourteen/inc/new/aciphex.html no prescription

00 level the overall upside objective of the bullish pattern target. The rally towards $65 would also help to create a stronger reversal pattern that could eventually send the XMR/USD pair down to the $85.00 level.

The daily time frame shows that the sellers are testing the top of the falling wedge during the decline so the buyers are defending the technical test the best they can. The daily time frame shows that the XMR/USD pair will be in a top position if the buyers manage to speed up the recent recovery to the $78.00 level. This could help Monero recover above the 200-day moving average and reclaim the technical bullish status.

The Relative Strength Index on the daily time frame clearly shows that the recent recovery is pulling the coins away from the oversold positions. According to the latest sentiment data, the short-term sentiment for Monero is neutral at 56 percent and the overall long-term sentiment for the altcoin is still neutral at 33 percent.  Breaking above the $91 level could have the recent swings at $98 as the strongest form of technical resistance. The daily time frame shows four lower price highs and makes a break above the most recent swing high at $91 which is very important in the technical sense.

The daily time frame shows that the XMR/USD pair is trading below the 50-day moving average at $87 but above the 200-moving average which is close to the $74 level. The four-hour time frame shows that the pair has a strong medium-term technical support close to the $52 and $48 levels. The long-term technical support for the XMR/USD pair is close to the $45 level.