Monero Holds Critical Support, Faces Rejection at $68 Resistance
Jun 13, 2020 at 10:55 //
News
The bulls have been having a running battle at the $68 overhead resistance. The Monero (XMR) coin has been trading below the $68 resistance after the last breakdown on June 2.
Monero Price Long-Term Prediction: Bullish
About 48 hours ago, buyers made a similar attempt to break the $68 resistance but were resisted again. The market dropped to $62 low and resumed upward move. Since April 29, the bulls have consistently made attempt to break the overhead resistance of the Monero coin but fail to breach it.
Nonetheless, as the crypto trades below the resistance, a strong bounce can possibly break the resistance. The market will accelerate to $80 high if the bulls are successful. Today, price is correcting upward but the coin is facing a minor resistance at $66. Monero will continue its uptrend if the $66 and $68 resistance is cleared.
Monero Indicator Analysis
In the last breakdown, the bears almost break the support line. A break below the support line and subsequent downward move will mean a change in the trend. However, the price action is indicating bullish signals. This is contrary to the stochastic indicator that is below the 50% range. This indicates a bearish momentum.
Key Resistance levels: $80, $90, $100
Key Support levels: $50, $40, $30
What Is the Next Move for Monero?
Monero is still struggling to make upward correction as it faces initial resistance at $66. On the upside, if the bulls break above the support line, the uptrend will resume. However, if the reverse is the case, the downtrend will continue. The crypto is in a sideways move below resistance.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow