TheCryptoUpdates
Altcoin News

Altcoin News | Monero’s Fate in Question: A Bounce in Kitty or heading Towards Bottom

Monero

Monero broke the $75 level of support it had been holding since the beginning of Summer and is now heading downward. The support areas to look out for are the  $25-30 area formed by the lows of July 2017 and the $10-15 area formed by the highs of 2016.

Monero
Weekly Chart: Trading View

3 Day Chart Trends

Analysing the 3-day chart  RSI is at 23, a level not seen previously, however, there are no signs of divergence and it is below all moving averages (9, 21 50 and 200 periods). More importantly it rejected a 9-21 period bullish cross in late November. Thus, the long-term view supports the scenario in which it falls  to one of the two support areas mentioned above.

Monero
3-Day Chart : TradingView.com

Daily Chart Trends

The Daily chart shows a more positive trend.  While the price has been falling, the RSI and Chaikin Oscillator have started developing a bullish divergence. If in case  a bounce occurs, there will be profits in the $77-$86 area, formed by previous support and the 0.618 Fibonacci level.

Monero
Daily Chart : TradingView.com

The Daily chart shows a more positive trend.  While the price has been falling, the RSI and Chaikin Oscillator have started developing a bullish divergence. If in case  a bounce occurs, there will be profits in the $77-$86 area, formed by previous support and the 0.618 Fibonacci level.

6 Hour Price Chart

The 6hr chart gives the best picture. Huge bullish divergence is  developing on the RSI and MACD, and the MACD rejected a bearish cross and is now seemingly heading upward, trying to break 0. However, the price is facing resistance from the 9-21 period moving averages and the cloud. If price were to bounce and break the cloud, the taking profit area laid out in the previous section would correspond with 200-period MA.

Monero

Monero 6-hour Chart – Source: TradingView.com

Monero has been grabbing headlines for all reasons these days. TCU reported yesterday that researchers at  an Israeli Cybersecurity firm recently found that Kingminer, a cryptojacking  malware is constantly upgrading it’s system to escape detection and increase chance of success to mine Monero.  It will continue to update which will invariably make detection tougher.

 

Related Articles

Tron(TRX) Reveals Major Updates – Project Atlas, Wallet and DApps

Akansha Kesarwani

Altcoin News | Coinbase now supports Zcash on Mobile Apps and Retail Platforms

Akansha Kesarwani

Waves token value spikes by 45% following the smart contract announcement

Akansha Kesarwani