XMR/USD Long-term Trend: Bearish
- Resistance levels: $120, $130, $140
- Support levels: $50, $40, $30
The XMRUSD pair was in a bullish trend zone in the month of February. The price of Monero was also range bound between the levels of $40 and $55. On February 1, the crypto has an opening balance of $44.22. On February 8, the bulls broke the 12-day EMA, the 26-day EMA and the crypto’s price reached a high of $55.62.
The price of Monero appreciated by 25.78% of its capitalization. On February 24, the bears made a downward correction as the price fell to the low of $48.21. In other words, the bullish gains were eroded by the bearish trend. That is the crypto’s price appreciation was reduced to 9% of its capitalization after the bearish trend.
Nevertheless, in a range bound movement traders ought to trade the key levels. Traders should have initiated a short trade as the bulls were resisted at the upper price level. This trade is to be exited near the lower price range or when the bearish pressure has been exhausted.
Similarly, if the bears tested the lower price range, a long trade should be initiated in anticipation of a bullish trend. The range bound trading should be terminated as soon as the crypto encountered a price breakdown or a price breakout. Meanwhile, the Stochastic indicator is in the overbought region but below the 40% range.
This indicates that the crypto’s price is in a bearish momentum and a sell signal. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that the price is in the bearish trend zone.
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