Monero (XMR) was able to burst through a descending channel this morning signaling a bullish reversal. Unfortunately, the price faced resistance at $150 and started pulling back. The Fibonacci retracement tool from the latest price breakout served as possible support levels for the bulls. The price of Monero is current pulling back after the strong upside breakout.
Monero (XMR) Technical Analysis Today
According to the technical indicators, the 200 SMA is below the 100 SMA showing that downside holds the path of least resistance. This means that the downtrend will most likely resume soon. Also, the 100 simple moving average served as dynamic resistance during the last price rally. It will most likely prevent more gains.
The 61.8% Fibonacci retracement level of the last rise from low to high is holding support. It is also on the same level as the short-term area of interest above $100. If this support holds, the price of Monero will resume its upward trend until it completes the complicated inverted head and shoulders pattern. This is according to the price analysis of Aayush Jindal on Newsbtc.
If this happens, the neckline will be placed around $150. Breaking beyond this level may lead to an uptrend that will most likely be the same level as the reversal formation. The relative strength index is moving below 50. This means that the sellers still have some ground in the market. The price may fall below the $80 mark Medium-term if care isn’t taken.
Monero Price Analysis Now!
At the time of writing, Monero was still red trading at $101.63. This indicates a 5.64% fall against the USD and a 4.69% fall against Bitcoin. The price action is in favor of the bears. Within a 24 hour period, the trading volume is $31,452,691 while the total market capitalization is $1,666,585,792. The stochastic oscillator on the technical charts is going down south but it is already near the oversold levels showing that the bears are losing steam. The next few trading sessions will determine if the buyers can bounce back.