Crypto Market Update: Monero, IOTA and Tezos Price Analysis

Daily Cryptocurrency Analysis: December 5th Updates

Monero (XMR)

XMR has managed to rise past $50 in the last few hours. In a classic double bottom reversal pattern, the currency managed to extend above $50 on the hourly charts to record its current level of $50.84.

A few hours ago, there was a bearish engulfing on XMR that brought the price tumbling down below $50. The bulls tried to push the price up past the resistance level at $50, but this seemed hard. However, the double bottom served as a clear signal for the bulls to push the price further up past $52. Support is expected to be at 50.

The RSI is past 60 seemingly indicating that the bulls may have their sway. New Support levels may be defined at 50. If the price hits this level and bounces back, then traders can go long.



IOTA has managed to rise past temporary resistance levels of 0.2840 to achieve a high in the last few hours of 0.2896. The currency had experienced a bearish engulfing that made the price touch 0.2780. Bulls tried to reverse this trend but temporary resistance was experienced at 0.2840.In a double bottom reversal.

The bulls managed to garner enough momentum to breach this resistance level and achieve a high of  0.2890. The 7 day MA has widened its gap with the 21 day MA seemingly signaling that we should expect this price to rise even further,

Looking at the RSI, it is way above the 60 level but doesn’t seem to have enough strength to rise even further. Prices are expected to drop but find support at 0.2834. If they bounce back from these support levels, then traders can go long as they set their stop losses at 0.2840.

Tezos (XTZ)

Following mention by the Winklevoss twins that Tezos could emerge as a competitor for Ethereum, the price of XTZ skyrocketed to record a new high of 0.5225. However, the strength of the bullish rally seemed to have waned as the bears brought the currency to its pre-announcement levels.

However, the bulls have tried to maintain a northward momentum, but seem to find resistance at 0.490. Currently, the RSI is at 40 and seemingly headed south. The 21 day MA is also over the 7 day MA seemingly signifying that the price should fall even further.

Traders can go short with taking profit levels placed at $0.430 – $0.4209 levels.