Monero Is Holding up Well but Stuck Below $68 Overhead Resistance

Fibo Quantum

Jun 06, 2020 at 11:28 // News

In recent times, Monero has been in a smooth uptrend. In its earlier stage of an uptrend, price was making a series of higher highs and higher lows.


The symbolic uptrend deviated after encountering a $68 overhead resistance. On June 2, buyers pushed price above $68 resistance but were unable to sustain the momentum. 


The upward move was resisted at $70 high. There was an immediate bearish response as the coin dropped to $64 low and moved up again. This has been the market scenario since April. Nonetheless, since April, the bulls have made several attempts without breaking it. Today, Monero is trading at $67 at the time of writing. Certainly, if the bulls break above $68 and $70 resistance levels, the crypto will rally above $80 high.


Monero Indicator Analysis 


The price bars are above the 12-day EMA and the 26-day EMA. This is an indication that the crypto is likely to rise. XMR is above 74 % range of the daily stochastic indicating that XMR is in a bullish momentum. The stochastic bands are horizontal below the overbought region. The market seems to be in a sideways trend.


XMR-CoinIdol.png


Key Resistance levels: $80, $90, $100


Key Support levels: $50, $40, $30


What Is the Next Move for Monero?


Monero is in a sideways move below the $68 overhead resistance. The bulls are yet to resolve or break this knotty price level. The uptrend will resume as soon as $68 resistance is breached. However, a strong bounce above $67 support will propel price above the resistance levels and the momentum is sustained.


Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.