XMRUSD Daily TV.pngMonero Chart By TradingView

XMRUSD Medium-term Trend: Ranging

  • Supply zones: $120, $130, $140
  • Demand zones: $ 45, $40, $30

Monero’s price has been trading in a range in the last three months.  On December 14, the crypto’s price fell to a low of $39.37. On December 20, it tested the upper limits of its range at $56.41. Therefore, the price of Monero has been ranging between $40 and $55.

These levels have remained intact. Last week, the crypto’s price was trading above $48. On March 5, the bulls broke the 12-day EMA and the 26-day EMA as the price entered a bullish trend. The crypto’s price reached a high of $51.40 as at the time of writing.

Traders should enter short positions if the crypto faces resistance at $55, it’s likely the bulls may fail to break through it. Meanwhile, the Stochastic is in the oversold region but above 20. This indicates that price is in bullish momentum and a is buy signal.

XMRUSD Short-term Trend: Bullish

XMRUSD 4 Hours TV.pngMonero Chart By TradingView

On the 4-hour chart, the price of Monero is in a bullish trend. The crypto’s price reached a high of $51.99 but had a downward correction. The bulls commenced another bullish trend to reach the previous high of $55. Monero is likely going to face resistance at $55.

If the bulls fail to break the $55 resistance, the crypto will fall and resume a downtrend trend. Meanwhile, the Stochastic is in the overbought region but above 80. This indicates the price is in a strong bullish momentum and is a buy signal.

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