XMRUSD Medium-term Trend: Bearish
- Supply zones: $120, $130, $140
- Demand zones: $ 50, $40, $30
The price of Monero was trading in the bullish trend zone. On April 2, the crypto’s price reached a high of $70.02 price level. The crypto’s price was resisted after testing the $72 resistance level. The price is retracing from the recent high and has fallen to the low at $65.78.
The crypto’s price is still above the 12-day EMA and the 26-day EMA which indicates that the price is likely to rise. If the price retraces to the support of the 12-day EMAs, the crypto’s price will resume its bullish movement. Meanwhile, the Stochastic is in the overbought region but below the 80% range. This indicates that the price is in bearish momentum and a sell signal.
XMRUSD Short-term Trend: Bearish
On the 4- hour chart, the price of Monero is in a bearish trend. The current bullish trend has been terminated as the bulls were resisted at the $72 price level. At a high of $ 72.28, the bulls were resisted and the price fell to a range bound movement.
The bulls made another attempt at the $72 resistance level which resulted in the bears breaking the 12-day EMA but was well supported at the 26-day EMA. The crypto’s price is ranging above the 26-day EMA. The price of Monero is trading at $65.96 as at the time of writing.
On the downside, if the bears break below the EMAs, the crypto’s price will find support at the previous low at $ 55. On the upside, if the bulls break above the EMAs, the bulls will retest the $72 resistance level. Meanwhile, the Stochastic is out of the overbought region below the 60% range. This indicates that the price is in a bearish momentum and a sell signal.
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