Crypto Technicals: Monero hits new 7-month highs above 108 handle, close above 55W EMA to see bullish continuation

XMR/USD chart - Trading View

Exchange - Binance

Support: 99.08 (5-DMA); Resistance: 107.70 (55W EMA)

Technical Analysis: Bias Bullish

XMR/USD extends bullish momentum, hits new 7-month highs at 108.10.

The pair has trimmed some of the gains and was trading at 103.30 at 10:30 GMT.

Price action has broken above 61.8% Fib (97.53) and major trendline resistance at 99.50.

Momentum with the bulls. RSI is above 60 with further room to run. MACD shows bullish crossover.

Stochs have approached overbought levels and the pair finds stiff resistance at 55W EMA.

'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) keeps scope for gains.

Volatility is rising on the daily charts. Close above 55W EMA eyes 78.6% Fib at 113.89.

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