XMR/USD Long-term Trend: Bearish
- Resistance levels: $60, $70, $80
- Support levels: $40, $30, $20
The price of Monero is currently in a bearish trend zone. On December 14, when the crypto's price fell to its low at $39.37, a support level was formed. On December 24, when the bulls reached the high of $60.05, a resistance level was formed. The crypto's price is currently trading between the levels of $40 and $60.
The XMR price is below the 12-day EMA and the 26-day EMA which indicates that the XMR price is likely to fall. Already, a candlestick is being formed below the 12-day EMA at a price of $47, and the crypto's price is likely to fall..
On the downside, if the bearish pressure continues, the crypto will find support at the previous low of December 14. Meanwhile, the stochastic is in the oversold region below the 20% range. This indicates that the price of Monero is in a strong bearish momentum and a sell signal. If price falls to the support level, traders should initiate long trades in anticipation of a bullish trend.
On the upside, the bulls have to break above the EMAs, before the crypto can resume its upward movement.
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