Monero (XMR) Price Analysis – February 7

  • The crypto’s price fluctuates in a tight range between the levels of $43 and $45.
  • The price of Monero trades below the EMAs because it faces resistance at $45 price level.

Monero, XMRUSDMonero Chart By Trading View

XMRUSD Medium-term Trend: Ranging

  • Supply zones: $120, $130, $140
  • Demand zones: $ 40, $30, $20

From the daily chart, the price of Monero had been trading between the levels of $40 and $60. On December 14, the range-bound movement has been ongoing when the bears tested the support level at $40. Also, on December 24, the bulls tested the resistance at $60 . Since then neither the bulls nor the bears have tested the key levels.

On January 10, the bears broke the 12-day EMA, the 26-day EMA and the price fell to the low of $45.79. The crypto trades below the EMAs because it faces resistance at $45 price level. The crypto’s price is also well supported above the $42 price level. Meanwhile, the Relative strength Index period 14 is level 43 which indicates that the price is in the sideways trend zone.

XMRUSD Short-term Trend: Ranging

Monero, XMRUSD, CryptoCompare chartMonero Chart By Trading View

On the 1- hour chart, the price of Monero is in a sideways trend. The crypto’s price fluctuates in a tight range between the levels of $43 and $45. This tight range movement had been ongoing in the last eight days. Traders can trade the range bound movement. As indicated with the pointed arrows, you can initiate long trade at the support level.

Then you exit these trades near the resistance zone. Similarly, you can initiate short trades at the resistance level, then you exit your trade near the support zone.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.