XMR following a symmetrical wedge pattern, breakout possible

17 Apr, 2019 analyst100

Monero (XMR) Price Analysis – April 17


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.

User Avatar


Azeez Mustapha is a technical analyst, has many years of trading experience in the stock, forex and the crypto markets.

Related articles

Bitcoin records 3x higher average trading volume in October than Apple, Amazon, Microsoft

After experiencing increased volatility in late September, Bitcoin (BTC) appears to be regaining its momentum towards another all-time high…

2mins 12 Oct, 2021 CryptoSlashy
Goldman Sachs, Wells Fargo among stocks that outperformed Bitcoin in 2021

The rise in Bitcoin's popularity has increasingly positioned the asset as a formidable investment product directly competing with traditional stocks. Despite recording significant returns, some traditional stocks have outperformed Bitcoin in 2021.…

2mins 29 Sep, 2021 John_Trevors
Almost 5,000 new cryptocurrencies launched in the last 12 months

As the cryptocurrency industry continues to mature with mainstream adoption, investors are pumping more money into the sector contributing to the sector’s popularity.…

2mins 22 Sep, 2021 CryptoParrot
Ethereum adds over 38 million new addresses in 2021, 22% of all ever created

The Ethereum network plays a key role in the cryptocurrency circles, with the asset recording significant interest.…

2mins 14 Sep, 2021 CryptoParrot
Start trading

Recommended crypto exchange

Buy & sell Crypto in minutes

Learn more


Login to comment
User Avatar
User Avatar sorep80899 555
22 Apr, 2022