Monero (XMR) is in an Uptrend Move, Battles the Resistance at $96

Monero (XMR) is in an Uptrend Move, Battles the Resistance at $96

Key Resistance Zones: $60, $70, $80
Key Support Zones: $40, $30, $20

XMR/USD Long-term Trend: Bullish
Monero is in an upward move after breaking the downtrend line since January 2. The bulls met their initial resistance at  $60. The price level was breached after a week of consolidation below $60 resistance. As the coin moves up, it faces another resistance at $70. After two unsuccessful attempts at the resistance, XMR fell to a $60 support level.

Nonetheless, at the $60 support, Monero rebounded and reached a high of $96. Monero has one more hurdle to jump over so as to be out of the downtrend zone. On the upside, if the price breaks the $96 resistance, XMR will rally above $110. On the downside, if the coin is repelled, XMR will fall to the low of $88 and resume the upward move.

XMR/USD - Daily Chart

Daily Chart Indicators Reading:
Monero is trading above 94% of the daily stochastic. XMR is in strong bullish momentum and it is in the overbought region. In the overbought region, the coin will face selling pressure. In the region, sellers come in to push prices downward. Buyers are unavailable to push XMR upward in the overbought region. Also, in the ascending channel, Monero will continue its upward move as long as the price remains within the channel. Nonetheless, if the price breaks below the lower trend line, the selling pressure will resume.

XMR/USD Medium-term bias: Bullish
On the 4 hour chart, Monero is in a smooth uptrend. The coin is making higher highs and higher lows. The coin was resisted at the $88 price level. However, a retest at resistance gives passage to the coin. XMR is currently facing another resistance at $96.

XMR/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The Relative Strength Index period 14 level 60 indicates that XMR is in the uptrend zone. XMR is likely to rise again. The 21-day SMA and 50-day SMA are sloping upwards indicating the uptrend.

General Outlook for Monero (XMR)
Monero is in a bullish trend. The pair has one more major resistance to overcome before uptrend. It appears the support at $90 is holding. A rebound at the $90 support will push the coin over $96 resistance. Then XRP will be out of the downtrend zone.

XMR Trade Signal
Instrument: XMR/USD
Order: Buy
Entry price: $91
Stop: $80
Target: $110

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.