Monero (XMR) is showing signs of a long-term bullish trend, supported by a golden crossover and a breakout from a prolonged consolidation phase. This analysis comes from CoinDesk’s Omkar Godbole, a Chartered Market Technician.
Gold (XAU) has outperformed Bitcoin (BTC) for the past 12 weeks, drawing in more investor bids. However, technical charts suggest this trend could soon reverse.
Gold has risen by 22% this year, fueled by haven demand and arbitrage plays, where traders have moved physical gold to the U.S. to take advantage of premiums in the Comex market. Meanwhile, Bitcoin has dropped more than 8%, leading to a 25% decline in the Bitcoin-to-gold ratio, which tracks Bitcoin’s price relative to the price of gold.
However, this downtrend has been invalidated. The Bitcoin-to-gold ratio surpassed trendlines from the January 20 and March 3 highs over the weekend, marking a bullish breakout. This shift suggests that Bitcoin could soon catch up to the rally seen in gold.
Research from Joe Consorti of Theya Research further supports this view, noting that Bitcoin tends to lag gold by 100 to 150 days. Additionally, the positive shift in the MACD histogram and the bullish crossover of the 5-day and 10-day simple moving averages (SMA) confirm a shift toward upward momentum for Bitcoin.
Monero (XMR) Breaks Out with Golden Cross and Strong Momentum
Monero (XMR) is also showing bullish signs after a sharp recovery from $165 to over $200 last week. The long-tailed candle on the weekly chart signals strong demand at lower price levels.
The token has broken free from its consolidation pattern, with the 50-week simple moving average (SMA) crossing above the 200-week SMA, confirming a golden crossover. This indicator marks a shift to long-term bullish momentum for Monero.
Immediate resistance for XMR is at $242 (February high), followed by $289 (April 2022 high), while support is found at $200 and the recent low of $165.
