Monero / USD Technical Analysis: Fighting The Three Peaks
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- Monero is bullish in the short-term, with price holding above its key 200-period moving average on the four-hour time frame
- The four-hour time frame also shows the formation of a bullish inverted head and shoulders pattern
- The XMR / USD pair remains bearish over the medium-term with price well below its 200-day moving average
Monero / USD Short-term price analysis
Monero is bullish in the short-term, with the cryptocurrency trading above its key 200-period moving average on the four-hour time frame, while a bullish inverted head and shoulders pattern on the mentioned time frame is also taking shape.
Traders should note that a bearish triple top pattern formation is also apparent on the four-hour time frame, with bulls still failing to create bullish higher price highs; it is essential that buyers break above last months trading high, or downside pressures will return.
Technical indicators are bullish on the four-hour time frame, which suggests a technical test of the February trading high is coming.
XMR / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should note that a small head and shoulders pattern is currently taking shape on the four-hour time frame, which could be a bearish sign if buyers fail to overcome the February high.
MACD
The MACD indicator is generating a strong bullish signal on the four-hour time frame.
Relative Strength Index
The RSI indicator is also bullish on the four-hour time frame and shows scope for further gains in the XMR / USD pair.
Monero / USD Medium-term price analysis
Monero retains a bearish medium-term outlook, with the cryptocurrency trading well below its key 200-day moving average and trading at historically depressed levels.
A descending triangle pattern is also taking shape across the daily time frame, with price currently trading around the middle of the pattern. Traders should note that ascending triangles are typically bullish patterns that indicate accumulation and sometimes signal the reversal of a major trend.
The Relative Strength Index is showing that the XMR / USD pair is attempting to gather bullish momentum on the daily time frame.
XMR / USD Daily Chart (Source: TradingView)
Pattern Watch
If a bullish triangle breakout occurs on the daily time, the potential upside price projection of the pattern is found by measuring the widest distance of the pattern and applying it to the resistance breakout.
MACD
The MACD Indicator on the mentioned time frame is attempting to recover higher but is currently not generating a clear bullish signal.
Relative Strength Index
The RSI indicator has turned bullish on the daily time frame and is showing that buying momentum is growing.
Conclusion
Monero is becoming increasingly interesting on the four-hour time frame, with a bullish inverted head and shoulders pattern battling against a bearish triple top and a potential head and shoulders.
The medium-term outlook remains bearish for the XMR / USD pair, with the ascending triangle pattern on the daily time frame also suggesting that a strong directional breakout in the cryptocurrency is nearing.
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