Monero's Golden Cross Imminent: Will $450 be Next?

Monero (XMR) has been gaining momentum in recent days and is now on the verge of a significant technical crossover known as a golden cross. This crossover occurs when the medium-term moving averages converge, creating a bullish signal that can strengthen the improving structure seen throughout the daily chart.

The cryptocurrency has already completed a large portion of the necessary work for a bullish trend reversal, setting a series of higher lows after bottoming out between $310 and $320 in June and July. It eventually recovered the $350 resistance area and drove through $380 and ultimately over $400 in August.

Now, the moving averages are reacting to this change in price action. The blue moving average has risen to $360.09, while the orange moving average is currently close to $362.85. If the faster blue average continues to rise and crosses above the orange line, it will indicate that medium-term momentum has shifted more and more in favor of buyers.

The RSI is already near the traditional overbought threshold of 70 at about 67. Additionally, XMR has hit the resistance range of $415-$425, which rejected the price in May. A breakout above roughly $425, $430 would carry greater immediate significance than the golden cross. If that region is cleared, $440-$450 may come into view.