Image Source: Pixabay
 

Eliott Wave Analysis TradingLounge Daily Chart, 30 November 2022,

Monero (XMRUSD)

XMRUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse or Diagonal

Position: Wave 1

Direction Next higher Degrees: Wave III of Motive

Details: Rise of the First Wave Upon completion, the price will drop again in the second wave. but must not reverse below 116

Wave Cancel invalid Level:116

Monero (XMRUSD) Trading Strategy: Overall XMR is continuing to rise, but since the price structure is still in the first wave in an uptrend then the price still has a chance to correct in the second wave. Moreover, the price is below the MA200 and MA50lines, still pressured by selling pressure. Trades should wait for the correction to complete in the second wave.

Monero (XMRUSD)Technical Indicators: The price is ฺbelow the MA200 MA50, indicating a downtrend. The Wave oscillator slows down momentum and may is Change

Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 30 November 2022,

Monero (XMRUSD)

XMRUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse or Diagonal

Position: Wave 1

Direction Next higher Degrees: Wave III of Motive

Details: Rise of the First Wave Upon completion, the price will drop again in the second wave. but must not reverse below 116

Wave Cancel invalid Level:116

Monero (XMRUSD) Trading Strategy: Overall, the XMR is continuing to rise, but the overlapping price structure shows pressure from selling pressure. This may cause the price to correct again but must not reverse below 116.

Monero (XMRUSD) Technical Indicators: The price is above the MA200 MA50, indicating an uptrend. The Wave oscillator above the Zero-Line Momentum is Bullish.

More By This Author:

Elliott Wave Technical Analysis: Broadcom Inc. - Tuesday, Nov. 29
Elliott Wave Technical Analysis: Ethereum - Tuesday, Nov. 29
Bitcoin BTC Price News Today - Technical Analysis And Elliott Wave Analysis And Price Prediction!