Sirwin
Sirwin

Monero's Bull Run Hasn't Even Started Yet (Weekly Forecast)

By Biz Wisdom | Crypto Daily FX | 21 Jun 2021


Monero rallied a bit this past week, rallying slightly in satoshis to about the 0.007 level. More impressively is how XMR has parried much of the May selloff in which BTC as well as alts have bled ~50% or more, whereas XMR has recovered most of the losses and is sitting comfortably above the 20 and 50 Week EMAs.

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Short-Term

Unlike other alts, Monero has posted a bullish divergence and has held the 20 and 50 Week EMAs as support amid this most recent selloff. This is extremely bullish for Monero which appears to be completing a multi-year bottoming pattern as it forms a series of higher highs and higher lows on the weekly chart. If XMR can hold the EMAs as support, then it should set up XMR for an impulsive W1 rally above 0.01 XMR/BTC over the next few months. Though XMR is a large-cap altcoin, it still lags behind king BTC and thus generally doesn't experience a true rally until after BTC completes most of its impulsive move(s). 

 

Support: 20 & 50 Week EMAs around 0.0065, then 0.005.

Resistance: 0.01 XMR/BTC.

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Biz Wisdom
Biz Wisdom

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