Crypto Technicals: Monero breaks above 38.2% Fib, hits 4-week highs above $91 mark

XMR/USD chart - Trading View

Exchange - Kraken

Support: 86.86 (5-DMA); Resistance: 96 (50% Fib)

Technical Analysis: Bias Bullish

Monero spikes higher tracking gains in Bitcoin. XMR/USD was trading 3.51% higher at 91.44 at 04:05 GMT.

Price action is extending upside after 'Bullish Gartley' pattern formation. Scope for gains upto 61.8% Fib at 101.66.

Momentum studies are bullish. RSI is well above 50 levels and Stochs and RSI are sharply higher.

Bullish MACD crossover on signal line and 5-DMA crossover on 20-DMA adds to the bullish bias.

The pair has broken above major EMAs and minor correction overnight failed to close below 55-EMA.

The pair has broken above 38.2% Fib retracement at 90.34 and eyes next resistance at 96 (50% Fib).

Further bullish momentum will see test of cloud base at 98.03 ahead of 61.8% Fib at 101.66.

5-DMA is immediate support at 86.86. Break below will see dip till 20-DMA at 82.49.