Monero (XMR) Technical Analysis: Finds Support at $70, Is New 5-Month High in Sight?
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Latest Monero News
This week, Monero devs have announced over Twitter that the lost funds from a bug in the Ledger Monero code discovered last month, have now been recovered.
On March 3, a redditor flagged a change of address bug on the Monero 0.14 client after they had attempted to move $80,000 worth of XMR from their ledger wallet. Instead of the funds moving from one wallet to the next, the entire amount rerouted elsewhere.
The Ledger team immediately posted a warning and urged the Monero community to avoid transferring funds between wallets, until a patch had been released.
A post-mortem on the bug has now been published on Reddit, along with a revised list of update versions that each Monero user needs to make sure they are running.
- Make sure you are using GUI v0.14.0.0 (or CLI v0.14.0.2)
- Make sure your Ledger Monero app is upgraded to v1.2.2
- Make sure your Ledger Live firmware is upgraded to v1.5.5 or v1.6.0
Monero Price Analysis
Monero up over 25% this month from $56.42 to its current value at $70.31, following a explosive breakout from a 3-month reversal pennant pattern between March 31 - April 2.
The opening bull run quickly dissolved at the psychological $70 mark as buyers ran into the main XMR resistance zone (red area) between the $69 and $72 levels. This particular area was a strong resistance for XMR during the heavy bear market in November 2018, and prevented the price action from recovering early at the $70 support level.
The 200 SMA (red line) was also an additional resisting level for XMR to overcome during the pennant breakout, which overlapped with the resistance zone at around $69.
On the 1D XMR/USDT chart we can see that over the last few days however, the price action has since broken over the 200 SMA after rebounding off the $62 support below.
Using the 0.382 fibonacci level and the 200 SMA now as a new support region, the price action appears to regaining composure before attempting to test of the $72 level above for a second time.
Looking at a number of 1D momentum indicators we can see that buyers are returning to the market after the brief correction and beginning to push back against the bear traders:
- The indicator line on the RSI is now flicking back up into the overbought region.
- The 12MA on the MACD indicator is holding well above the 26MA.
- The indicator line on the Chaikin Money Flow is still climbing as buying pressure increases.
If XMR is able to close above $72 then the next likely price targets for the asset will be at the 0.5 and 0.618 fibonacci retracement levels, at $76.61 and $85.63 respectively.
Monero (XMR) Price Targets
All ROIs are calculated from the asset’s current value at $70.31 (AToW).
PT1: 0.5 fibonacci level/ $76.61 (8.96%)
PT2: 0.618 fibonacci level/ $85.63 (21.79%)