Monero (XMR) Turns Down From $96 Resistance, May Likely Move Up
Login

Monero (XMR) Turns Down From $96 Resistance, May Likely Move Up

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

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

XMR/USD Long-term Trend: Bullish

Monero reached its peak price of $96 after a rebound from the low of $60. The bulls could not sustain the upward move as the price was resisted and a downward move ensued. At the $96 price level, the bulls made two attempts at the resistance without breaking it. The bulls were resisted and the price fell to the low of $83. It appears current support is likely to hold.

XMR/USD – Daily Chart

Daily Chart Indicators Reading:
The price is on a downward move if it breaks the support line of the ascending channel Monero will drop to a low of $60. Meanwhile, the Relative Strength Index period 14 level 62 indicates that XMR is still in uptrend zone. The coin has the propensity to rise.

XMR/USD Medium-term bias: Bullish

On the 4-hour chart, the pair is in a smooth uptrend. The coin fell to a low of $80 and continued its consolidation. The price action formed a bearish double top before the downward move. As price breaks the trend line the upward move ought to be terminated.

XMR/USD – 4 Hour Chart

4-hour Chart Indicators Reading

Monero is above 25% range of the daily stochastic. It means that       the coin is in bullish momentum. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Monero (XMR)
Monero is in a bullish trend. The downward move was a result of the overbought condition of the coin. The sellers were generated during the overbought period to push XMR downward. If the support holds the bulls will retest the overhead resistance.

XMR Trade Signal
Instrument: XMR/USD
Order: Buy
Entry price: $82
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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News