XMR/USD Long-term Trend: Ranging
- Resistance levels: $70, $80, $90
- Support levels: $50, $40, $30
The price of Monero is still range bound between the levels of $40 and $55. On March 16, the bulls tested the $55 upper price range and were resisted. As earlier suggested, a range-bound trader can trade the key levels of the price range.
Generally, in price action, prices do respect the historical price level. However, in exceptional cases, this assumption does not hold when we have a price breakout or a price breakdown. Nevertheless, at the upper price level, you initiate a short order and exit near the lower price level.
The price of Monero is above the 12-day EMA and the 26-day EMA which indicates that the price is likely to rise. The crypto’s price is retracing from the upper price level, and if it falls to the support of the 12-day EMA, the crypto’s price will rise to retest the upper price level.
On the downside, if the price retraces and breaks below the EMAs, the crypto’s price will fall into the previous price range. The previous range is the tight range between the levels of $48 and $52. Meanwhile, the stochastic is out of the overbought region but below the 80 % range. This indicates that the price of Monero is in a bearish momentum and a sell signal.
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