By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
Monero continues correcting after the February rally. On Friday, February 26th, the cryptocurrency is trading at $197.
XMRUSD has been falling this week. In the daily chart, Monero is testing 38.2% fibo. The next correctional target within the ascending tendency may be the support at 50.0%, a rebound from which may result in a new wave to the upside. The MACD histogram, as well as its signal lines, continue moving downwards. If we take a closer look at the chart, we will see that in the nearest future the pair may form a correction, which may later be followed by a further uptrend to update the highs. In this case, the upside target may be at $290.
As we can see in the H4 chart, Monero has also broken the support level. Judging by the previous movements, we may assume that the pair may continue the correction to reach the closest support at 50.0% fibo. The Stochastic indicator is falling towards the “oversold area”, while the price in the chart is getting ready to break 38.2%…