XMRUSD Medium-term Trend: Ranging
- Supply zones: $120, $130, $140
- Demand zones: $ 45, $40, $30
The price of Monero is still in a range between the levels of $40 and $55. The crypto’s price reached the upper price level on February 23, 2019. The 12-day EMA and the 26-day EMA are trending horizontally indicating that the price of Monero is in a range bound movement.
On February 24, the bears broke below the EMAs and price fell to the low at $48.21. This resulted in the crypto to be in a tight range movement between the level $48 and $52. Presently, the crypto’s price is trading at $51.43 as at the time of writing. On the upside, a price breakout will enable price of Monero rise above the $52 and $55 resistance levels.
On the other hand, if the bulls fail to break the resistance levels, the crypto will continue its range bound movement. Meanwhile, the Stochastic is in the overbought region but below the 80% range. This indicates that price is in a bullish momentum and a buy signal.
XMRUSD Short-term Trend: Bullish
On the 4- hour chart, the price of Monero is in a bullish trend. On March 12, the crypto’s price fell to the low of $49.30 but commenced a bullish movement to the high of $52. The $52 price was a resistance level as the price fell to the support of the 12-day EMA. Today, the price of Monero has a price rally where the crypto reached a high of $52.90 but was brought to the low at $51.60.
The resistance level will halt price movement if the bulls failed to overcome it. Meanwhile, the Stochastic is out of the overbought region but below the 80% range. This indicates that price is in a bearish momentum and a sell signal.
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