Monero market update: XMR/USD reverses sharply on hitting $57.50
|- Monero bears fueled by the bulls’ failure to break above $57.50 resistance.
- Technical indicators suggest that buying power enough to defend the $52 53.45 key support still exists.
Monero corrected significantly upwards during the Asian trading hours. In fact, the market update published earlier recorded an intraday gain in the value of 1.5% on Friday. The bullish leg was an extended of the price action started at the beginning of the week.
An initial break above the descending trendline resistance made it above the 100 simple moving average (SMA) on the one-hour chart as well as the 50 SMA opened the way for a break above towards $60. However, Monero hit a snag at $57.50 leaving the door open for ongoing bearish action.
At the time of the press, Monero is trading at $55.05 after losing 2.34% of its value on the day. The relative strength index (RSI) managed to avoid the oversold territory and is now pointing upwards. Similarly, the moving average convergence divergence (MACD) is holding ground above the mean line (0.000) suggesting existence of buying power enough to keep XMR above the key support at $52- $53.45.
XMR/USD one-hour chart
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