XMR/USD Long-term Trend: Bearish
- Resistance levels: $120, $130, $140
- Support levels: $40, $30, $20
The XMRUSD pair was still in the bearish trend zone. In the last week, the price of Monero was below the 12-day EMA and the 26-day EMA which indicated that the price was likely to fall. The crypto’s price operates between the levels of $40 and $60. Presently, the crypto’s price is fluctuating above the $45 price level.
The crypto’s price is characterized by small body candlesticks like the Doji and Spinning tops describing the indecision of buyers and sellers at the $45 price level in the last week.
A bullish candlestick is testing the 12-day EMA, and if it breaks above the 12-day EMA and the 26-day EMA, the crypto is likely to rise. Then the resistance level may be put to test again. On the other hand, if the crypto's price was resisted, the price of Monero will find support at the $40 price level.
This $40 price level had not been broken and if it is holding, traders should initiate long trades in anticipation of a bullish trend. Meanwhile, the stochastic is in the oversold region but below the 20% range. This indicates that the price of Monero is in a strong bearish momentum and a sell signal.
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