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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.

 

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