Monero Price Analysis: XMR/USD bulls retain momentum and keep the price above $80
|- XMR/USD had earlier failed at the $95.15 and $86.55 resistance levels.
- The bulls will need to conquer resistance at SMA 20 to continue the positive momentum.
XMR/USD daily chart
XMR/USD bulls managed to retain control in the early hours of Saturday as the price went up from $80.40 to $81. XMR/USD is currently trending in a downward channel formation after it had previously failed at the $95.15 and $86.55 resistance levels. The bulls managed to bounce up from the $76.75 support level to this Friday and continued to be on top. The buyers will want to break past the resistance at the SMA 20 curve to re-enter the $85-zone. Both the MACD and Elliott Oscillator indicate that while the overall market sentiment is bearish, the bullish price action of the last two days has inhibited the negative momentum.
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