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.
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.
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.
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 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.