Top Crypto Gainers: Monero, SPX6900 and Jito extend bullish momentum
- Monero edges higher on Wednesday even as the broader crypto market struggles to recover.
- SPX6900 gains momentum as short-term indicators flip bullish.
- Jito rises above the 50-EMA on the four-hour chart, supported by a MACD buy signal.
Monero (XMR), SPX6900 (SPX) and Jito (JTO) are edging higher at the time of writing on Wednesday, despite the broader cryptocurrency market struggling to hold onto gains and extend recovery.
Bitcoin’s (BTC) recovery lost steam below $90,000 earlier this week but remains stable above $87,000. Ethereum (ETH) trades at $2,900 as bulls push for a recovery above $3,000.
Traders will be watching Monero, SPX6900, Jito, and other cryptocurrencies showing recovery potential in upcoming sessions to gauge sentiment and position themselves ahead of the final month of the year.
Monero rises on steady buying interest
Monero is trading at $398, as the price holds above the rising 50-day Exponential Moving Average (EMA) $354, 100-day EMA at $332 and the 200-day EMA at $308, all of which uphold a bullish technical bias.
The Moving Average Convergence Divergence (MACD) on the daily chart remains below zero but is edging higher, suggesting fading bearish pressure. Meanwhile, the Relative Strength Index (RSI) sits at 58, above the midline and aligned with steady buying interest.
The descending trend line from $420 limits XMR's upside, with resistance seen at that level. Pullbacks could find support at $354–$332, while a deeper floor rests near $308. The momentum indicator remains below the zero line but is improving, indicating selling pressure is losing steam.
A close above the trend cap would open the way toward prior highs, whereas failure to break it would keep the pair consolidating above the mentioned averages.
SPX6900 advances, offering bullish signals
SPX6900 is extending four days of consecutive gains, trading at $0.66 at the time of writing on Wednesday. The MACD buy signal, maintained since Sunday, supports SPX's short-term bullish outlook.
The RSI holds above the 50 midline, reinforcing the strengthening bullish grip. A higher RSI reading toward overbought territory suggests that bullish momentum is increasing.
Still, the 50-day EMA at $0.79 will likely cap rebounds and potentially trigger early profit-taking. Breaking above the same moving average could signal an upward trend toward the 100-day EMA at $0.96 and the 200-day EMA at $1.05.
Jito reclaims key support as bullish momentum returns
Jito is trading above the 50 EMA at $0.52 on the four-hour chart as bulls aggressively push to regain control of the trend this week. The token hit a floor price of $0.44 on Friday, which increased the odds of a steady recovery.
The MACD indicator supports a short-term bullish outlook, flaunting a buy signal maintained since Sunday. If this indicator continues to advance in the bullish region, the path of resistance would remain to the upside, with bulls targeting highs above the 100 EMA at $0.59 and the 200 EMA at $0.74.
Still, traders should temper their bullish expectations, especially given the RSI's weak trend at 63, which suggests possible exhaustion among bulls. A reversal toward the 50 midline would signal fading bullish momentum, increasing the chances of a correction to the local bottom at $0.45.
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
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