Monero (XMR) Recovers from Downtrend, Consolidates Above $76 Support

Monero (XMR) Recovers from Downtrend, Consolidates Above $76 Support

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

XMR/USD Long-term Trend: Bullish
Monero has been on an impressive run after breaking the downtrend line. The bulls reached a peak price of $96 but could not break above it. At the high of $96, XMR reaches the overbought region.

The upward move has been hindered because buying has been overdone. At overbought region, sellers emerge to push Monero downward. Buyers are not on hand to push the coin upward. The coin fell and found support at $76. Monero is consolidating above the current support of $76.

XMR/USD – Daily Chart

Daily Chart Indicators Reading:
As Monero fell from the overbought region, the Relative Strength Index dropped to level 56. Monero is still above the centerline 50. XMR is likely to rise as it is above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating an upward movement.

XMR/USD Medium-term Trend: Ranging
On the 4-hour chart, the price is in a sideways trend. The bulls have been contesting to break above the overhead resistance at $96. The bulls are repelled each time they attempt at the resistance. In the second unsuccessful attempt, the coin fell to the support of $76.

XMR/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Monero is now trading below 75% range of the daily stochastic. On the short term trend, the coin is in bearish momentum. The market may reach the support of $76. The 21-day SMA and the 50-day SMA are sloping horizontally indicating a sideways trend.

General Outlook for Monero (XMR)
Monero has exhausted its selling pressure as the market consolidates above $76. On the upside, the bulls have to push the price into the ascending channel for the coin to resume its upward move. At the moment, the price is not above the EMAs, as the upward move is doubtful.

Instrument: XMR/USD
Order: Buy
Entry price: $77
Stop: $60
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.