XMR/USD Long-term Trend: Bearish
Resistance levels: $120, $130, $140
Support levels: $60, $50, $40
The price of Monero was in a bearish trend in the third week of November 2018. In the first week of November, the price of Monero was in a bullish trend. The 12-day EMA and the 26-day EMA provided support for the bullish movement. The crypto’s price reached the high of $113.04 but the price was resisted and it fell to break the 12-day EMA and 26-day EMA.
In the second week, the price fell to a low of $105 and commenced a range bound movement to the EMAs. On November 14 and 19, the crypto’s price was resisted by the 12-day EMA and the 26-day EMA.
This was where the bears had their strongest bearish movement. The price fell to a low of $65.21 as at the time of writing. On the daily chart, the Stochastic is in the range below 20 while on the weekly chart, the momentum is approaching the range of 20. This indicates the bearish momentum is strong on the downside. There will be no trade recommendation until the bearish momentum is exhausted.
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