Monero [XMR/USD] Technical Analysis: Short-lived support bounce to break coin out of sideways movement

While most of the cryptocurrency market saw a slight hike in the earlier hours of trading yesterday, Monero [XMR] seems to have bounced back with a greater gusto. The coin’s hike seems to fuel further upwards momentum, which the indicators will clarify.

1-hour:

A short support uptrend is seen from $102.7 – $104.6, with the dominant downtrend from $110.5 – $105.2. The price is currently on an important support level at $104.6, providing a ripe opportunity for another bounce upwards. There is a second support at $101, with resistances set at $111 and $117.6.

The MACD is demonstrating a bullish crossover in the near past but might see a recovery to the bearish side.

The Awesome Oscillator recently turned bearish, demonstrating a slight decrease in momentum.

The Parabolic SAR indicator is bullish, as seen by the presence of the dots under the candlesticks.

1-day:

An uptrend from mid-August is providing a support for the price from $84.2 – $104.6, with the dominant downtrend depicting the drop in price since May from $292.7 – $110.1. Support levels are set at $84.2, with a psychological support at $100. Resistance levels are at $137.8 and $115.3 for the short term.

The RSI is in the center, depicting that buying and pressure have evened each other out.

The KVO recently demonstrated a bearish crossover and might reverse the trend as the KVO is moving upwards currently.

Conclusion

Even as the momentum from the recent recovery seems to be dying down, the price is primed for further upwards movement due to its presence on a crucial support. Resistances can be set for the short-term at $111, $115.2 and $137.8.