Latest bullish wave in Monero price could take it to $ 100
The price of XMR is in an uptrend.
The closest support and resistance are at $ 65 and $ 135.
XMR / BTC pair has support at 0.00815₿ and resistance at 0.00925₿
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The course Monero (XMR) regained most of its losses from the decline of 2 September and probably in a rising trend. It is expected to exceed its current resistance zone.
Long term levels
XMR price is currently moving within the $ 90 zone. It broke through that zone on August 21, going all the way to a high of $ 106, but then fell back soon after. Currently, it is not yet clear whether this area will offer resistance or serve as support.
The closest support and resistance are at $ 65 and $ 135 respectively. This resistance zone is also the fibonacci level 0.382 of the entire anterior downward movement.
Despite a considerable decline at the beginning of September, technical indicators remain bullish. Both the RSI and the Stochastic Oscillator are on the rise, and the MACD appears to be reversing its downtrend that started two weeks earlier.
In the daily timescale, the XMR moves in a range of $ 78.5 and $ 96.5. It is currently trading above the middle of that range ($ 87.5), and is preparing for another attempt to break through resistance.
Technical indicators are bullish. The MACD is on the rise, having almost reached positive territory. Likewise, the RSI is above 50. The Stochastic Oscillator has just formed a bullish cross, indicating that the price is in an uptrend.
Since the March 13 bottom, XMR price appears to have started a bullish impulse (in black below), and into which the fifth wave has spread
The price is currently in the fifth sub-wave indicating that the uptrend will end soon.
The two most plausible levels for the end of the wave are found at $ 120 and $ 135, based on the lengths of waves and sub-waves 1 to 3.
The $ 135 target also accords with the long term resistance highlighted in the previous section, so it’s slightly more likely to be the top.