XMR/USD Long-term Trend: Ranging
- Resistance levels: $120, $130, $140
- Support levels: $50, $40, $30
The price of Monero had been range-bound between the levels of $40 and $55 since December 14. On February 24, the bears broke the 12-day EMA, and the 26-day EMA as the price fell to a low at $48.21. Presently, the crypto’s price is currently is in a tight range between the levels of $48 and $52.
On March 5, the bulls broke above the EMAs and reached a high of $52.97. The crypto’s price was resisted as the price fell to the support of the 12-day EMA. The crypto’s price is above the EMAs which indicates that the price is likely to rise.
On the upside, if the price is sustained above the EMAs, and more buyers are introduced, the crypto’s price will rise to break the $52 and $55 resistance levels. On the downside, if the bears break below the EMAs, the crypto’s price will continue its range bound movement.
Meanwhile, the Stochastic indicator is out of the oversold region but above the 40% range.This indicates that the crypto’s price is in a bullish momentum and a buy signal. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that the price is in the bullish trend zone.
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