Monero, at the time of writing, was trading at $45.346 on Bitfinex. The coin is lacking active support around the current trading price area, except support foreseen by the 10-day and 50-day moving average. Therefore, we can project a bullish medium or short-term if the coin gains a definite momentum.
Monero Price Analysis
If we compare the 4-hourly movement of Monero against USD with Bitcoin against USD, we rightly analyze that the coin is not influenced by the king of cryptocurrencies. Just when the whole market was seen crashing during the mid of the previous month, BTC had an upward movement as aftermath, whereas, XMR and many other major altcoins are seen drawing a downtrend.
Taking a glance at a detailed move throughout the said time frame on a 4-hourly chart, we see that Monero has been drawing an Elliot Wave-like pattern facing ultimate resistance at $48. Therefore, as per the further move, we project a near-term uptrend soon. And, with this, the coin is seen moving towards 23.60% Fib Retracement area drawing a positive crossover.
After having laid the technical indicators, we see that the MACD of Monero draws moderate bullish crossover as the MACD line runs below zero and overrides the signal line.
The RSI of the coin is at 45.40 and exhibits no trading extremities at present.
