Monero might be done with its selloff as it forms an inverse head and shoulders pattern on its 1-hour time frame. Price is already testing the neckline and a strong upside break could confirm that an uptrend is in order.
This could lead to a climb that’s the same height as the chart pattern, which spans $86 to around $96. However, the 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is still to the downside. In other words, there’s still a chance for the selloff to resume.
Then again, the price has already climbed past the moving averages to reflect a pickup in bullish pressure. RSI is still pointing up but hovering close to overbought levels to reflect exhaustion among buyers. Stochastic is also heading higher but is also dipping into overbought territory. Both oscillators turning lower could signal a return in selling pressure.
Monero has been on a tear in the past 24 hours, rising by over 2% against the dollar and outpacing several of its altcoin rivals. Keep in mind that Local Monero has just recently celebrated its anniversary and may be one of the factors propping it up.
On its Reddit thread, a post highlighted the developments unrolled in the past twelve months, including:
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MorphToken integration for non-Monero deposits/withdrawals;
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an API and widget for Monero’s street price based on our trades so you can better find arbitrage opportunities and know the market conditions;
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first to implement low transaction priority choosing for withdrawals, cutting network fees to the bare minimum;
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mobile notifications through telegram, so that you won’t have to install yet another app on your phone just to get push notifications about your trades;
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an affiliate program so that you can earn romeros for bringing more trading users to the platform;
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dedicated Tor and i2p portals free of privacy hazards;
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many more enhancements and general UI, UX and performance improvements
Images courtesy of TradingView