• On the upside, if the bulls break the $98 overhead resistance, the crypto’s price would rise to $120 price level.
• On the other hand, if the bulls fail to break the overhead resistance, the market will fall to the previous low of $95.

XMR /USD Medium-term Trend: Ranging

• Resistance Levels: $100, $105, $110
• Support Levels: $95, $90, $80

Last week the price of Monero was in a bullish trend. The XMR/USD pair had been trading below the $98 overhead resistance since May 14. The bulls have failed to break the $98 overhead resistance. Each time the bulls tested the resistance level, the XMR market would fall to the support of the 12-day EMA or below the EMAs.

Last week, June 9, the market was on a downward correction to a low at $84 price level. The bulls took control and made an upward move to retest or break the $98 overhead resistance level. On the upside, if the bulls break the $98 overhead resistance, the crypto’s price would rise to the $120 price level. On the other hand, if the bulls fail to break the overhead resistance, the market will fall to the previous low of $95. The price of Monero is in the overbought region of the daily stochastic but above 80% range. This indicates that price is in a bullish momentum and a buy signal.

XMR/USD Short-term Trend: Ranging

On the 1-hour chart, the price of XMR is in a sideways trend. The XMR market is currently trading below the $98 overhead resistance. The 12-day EMA and the 26-day EMA are sloping horizontally. Last week, June 16, the crypto’s price was resisted at the $98 price level.

The price fell to the support of the 26-day EMA and commenced a range bound move above the EMAs.Meanwhile, the price of Monero is in the overbought region of the daily stochastic but above 80% range. This indicates that price is in a bullish momentum and a buy signal.

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