Crypto Technicals: Monero (XMR) spikes over 7.75% on Friday's trade, bias turning bullish

XMR/USD chart - Trading View 

Exchange - Bitfinex

Support: 47.60 (21-EMA); Resistance: 50.50 (Wedge top)

Technical Analysis: Bias turning bullish 

XMR/USD broke out of consolidation and has shown a spike of over 7.75% in today's trade.

The pair hit session highs at 49.238 before paring some gains to trade at 48.45 (up 6.15%) at around 07:15 GMT.

Price action has bounced off 'Falling Wedge' support with a 'Hammer' formation in the previous session.

The pair has broken above 21-EMA resistance which has now turned support at 47.60.

Technical indicators are turning bullish on the intraday charts. RSI and Stochs are biased higher and RSI has edged above the 50 mark.

Breakout of the 'Falling Wedge' pattern could propel the pair higher. Major resistances ahead are seen at 51.60 (55-EMA), 55.71 (Cloud base) and 57.22 (110-EMA).

Failure to hold break above 21-EMA will negate any bullish bias in the pair.