Bulls struggle at the 50% Fibonacci retracement level

Fibo Quantum

  • Monero trades over 2% higher on Friday but meets some resistance at the 50% Fib level.
  • The market is still firmly in a bullish trend and might find support at the psychological 60.00 mark.

XMR/USD daily chart

Monero is still moving higher on Friday and trades up around 2% but the bulls have been halted in their tracks. The 50% Fibonacci retracement zone if often one of the strongest ones and it seems like the price has stalled right at the level. It is an interesting development as yesterday the price moved above the 200 simple moving average and the pair seemed very bullish. 

Looking closer at some of the other indicators, the relative strength index indicator still has some space to move higher. The indicator is still firmly above the 50 mid-point in bullish territory and has a very clear upward angle. The volume at the bottom still looks very light and if you zoom in on some of the intraday charts the down candles seem to have more backing.

Additional levels