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Monero XMR price analysis 7 May 2019; bullish trend

monero xmr price analysis 7 may 2019

Monero (XMR) is a private and untraceable cryptocurrency launched in April 2014. Monero has been showing good performance on the trading chart since the start of 2019. The short-term and the medium-term analysis have indicated the trends of a surging market.

The short-term analysis of Monero/USD of price has revealed the trend of the bullish market and all the technical indicators are showing positive signals on the four-hour time frame in this regard.

The indicator pattern watch has shown the bullish-to-bearish reversal trend on the chart. The Relative Strength Index (RSI) and MCAD indicators have indicated the positive momentum in the price and strong signals of buying are evident from MCAD pattern.

Monero XMR price analysis 7 May 2019; bullish trend 1
Monero XMR chart created with Trading View

The medium-term price analysis of Monero/USD indicates a similar pattern as that of short-term analysis. The reverse head and shoulder pattern is evident on the daily time frame.

Technical indicators have shown the trends of the surging market and also further increase in the price of XMR is expected. The interpretation of pattern watch indicator shows the bullish breakout.

The RSI has shown a surging trend and also indicated that the buyers have shown interest in this currency owing to the increase in its price.

The MCAD indicator has also revealed a similar pattern as that of RSI indicators, the signs of positive momentum in the price are evident from the chart.

The buyers are showing a lot of interest in this currency, as the price is increasing and this the best time for the buyers to take maximum benefit from this currency.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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