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XMR / USD Price Analysis: Resurfacing

Monero is moving higher, seeking to reach its $74 resistance on the short term.

Monero price analysis May 2

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  • Monero has a bullish short-term bias, with the XMR / USD pair trading above its 200-period moving average
  • The four-hour time frame continues to show a bullish descending wedge pattern
  • The bullish inverted head and shoulders pattern on the daily time frame has yet to reach its upside target

Monero / USD Short-term price analysis

XMR is bullish in the short-term, with the cryptocurrency recovering back above its key 200-period moving average on the four-hour time frame.

The four-hour time frame shows that the XMR / USD pair is trading back towards the top of a descending wedge pattern, following a false technical breakout below the bullish pattern.

Technical indicators are bullish on the four-hour time frame and continue to issue buy signals.

XMR / USD H4 Chart May 2, powered by TradingViewXMR / USD H4 Chart by TradingView

Pattern Watch

Traders should note that a confirmed bullish breakout from the wedge pattern would take the XMR / USD pair towards the 74.00 level.

Relative Strength Index

The RSI indicator is also bullish on the four-hour time frame, although it is approaching overbought territory.

MACD Indicator

The MACD indicator has turned bullish and continues to generate a strong buy signal on the four-hour time frame.


Monero / USD Medium-term price analysis

XMR has a bullish medium-term outlook, with the cryptocurrency holding price above its trend defining 200-day moving average.

The daily time frame is showing that the inverted head and shoulders pattern has yet to reach its upside target, while bullish MACD price divergence remains present from May of last year.

Technical indicators on the daily time frame are currently attempting to recover higher.

XMR / USD Daily Chart May 2, powered by TradingViewXMR / USD Daily Chart by TradingView

Pattern Watch

Traders should note that the overall upside objective of the bullish inverted head and shoulders pattern is located close to the 74.00 level.

Relative Strength Index

The RSI indicator has turned bullish on the daily time frame and is issuing a buy signal.

MACD Indicator

The MACD Indicator on the daily time frame is mixed and currently failing to generate a clear trading signal.


Conclusion

XMR is challenging towards key trendline resistance after staging a strong rebound from critical technical support.

Further upside now seems increasingly likely, with both the four-hour and daily time frames highlighting the 74.00 level as a potential bullish target for the XMR / USD pair.

Check out our coin guide for Monero.

If you need a deeper analysis, look into our Monero DARE.

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