By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Tuesday, March 24th, the XMR keeps bouncing off, generally trading at 45.38 USD.
On D1 of the Monero, the last declining impulse has reached the support level of the descending channel. After a test of the support line, the quotations have started a bounce for a correction. By now, the pullback has reached 23.6% Fibo and is heading for 38.2% (52.98 USD) and 50.0% (61.28 USD). However, it should be clear that the main descending scenario is not over yet. This is confirmed by the MACD lines. After the pullback is over, we may expect a new wave of decline to the current low of 26.10 USD, and after it is broken out – to the psychologically important low at 5.00 USD.
On H4 of XMR/USD, the correctional phase may be seen in more detail. It is developing as a consistent ascending channel. The support is at 38.19 USD, the resistance is at 54.00 USD. The end of the correction will be signaled by a breakout of the support level and simultaneous forming of a Black Cross on the Stochastic.