XMR following a symmetrical wedge pattern, breakout possible

Monero (XMR) Price Analysis – April 17

Highlights:

After the price surge earlier this month, XMRBTC has been moving on a downtrend as selling pressure respect a descending channel formation. XMRUSD, on the other hand, trends on a neutral; following a symmetrical wedge pattern. A breakout is likely to play out for Monero market.

XMR-USD Market

Key Levels:

Resistance levels: $74, $77, $80

Support levels: $64, $60, $58

In mid-March, Monero began an accumulation process which positioned the market on a side-way move for about two weeks before witnessing a price increase. Breaking $57 resistance turned support level; a surge in volatility walks the bulls to $74 high in early April. 

After the rise, XMRUSD followed a symmetrical wedge formation. The actual scenario is pictured on the 4-hours MACD. Now, a side-way move is fast approaching a tight angle; a big move is around the corner. A few hours ago, the token tested the upper trend line with an inverted hammer (a sell signal). A short move is expected at $64 support and perhaps below.

However, a long position may throw a price at $74 resistance level and above. 

XMR-BTC Market

Following a bearish scenario, XMRBTC trading has remained within a descending channel for the past two weeks. As the sellers gain control of the market, a possible drop may slip price to 0.0126 BTC support, testing the lower trend line. Subsequently, a channel breakout may plummet the market to 0.0122 BTC and 0.012 BTC.

As shown on the 4-hours MACD indicator, the current trend plays below the zero level.

For the bull sides, Monero long position could locate a quick resistance level at 0.0136 BTC and perhaps to 0.0142 BTC and 0.0146 BTC resistance levels; near the April 2 high. If such a scenario occurs, the indicator could resume an uptrend at the zero level. As of now, there’s no sign of a bullish reversal.

Please note: Niffler.co is not a financial advisor and this article should not be treated as financial advice. However, you are welcome to apply this information on our simulated cryptocurrency exchange.