This is a daily technical analysis of the Coindesk analyst and technician of the approved market Omkar Godbole.
The cryptocurrency of the main confidentiality monero (XMR) surpassed bitcoin
This year, and the trend should continue in the coming weeks.
This is the message of the XMR-BTC Trading ratio on Poloniex. The ratio representing the Bitcoin Label Prize from XMR has recently reached the highest since January 2024, confirming a “double-found” escape over the weekly time.
The double background includes two consecutive peaks with low at the same price, representing a exhaustion of the previous decrease trend. It also includes a horizontal line, called the neckline resistance, drawn connecting temporary recovery between the two hollows.
It is said that an exceeding of the neckline confirms the break or a bulsh change in the market trend.
The ratio dug two tires at around 0.00165 at the start of this year and recently broke out above the neckline resistance, indicating a double bullish reversal.
In other words, XMR has probably started a new bull compared to Bitcoin. The movement of the pair above the Ichimoku cloud also suggests the same thing. The upward perspectives risk invalidation in the event of a renewed drop below the upper double support (old resistance).
Monero jumped 86% this year, surpassing the 12% bitcoin increase in significant margin, according to Coindesk data.
