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Monero: Do or die for the bulls and bears

  • XMR price staring at a key resistance line.
  • Bulls and bears both have fight of survival.
Monero: Do or die for the bulls and bears
Manoj B RawalManoj B RawalIndependent Analyst

Monero, the coin that rallied quite a bit in the month of March on the back of resumption of bullish sentiment for the entire crypto world, is now sitting at a critical point where bulls and bears both have to fight for their survival and only one would prevail in the upcoming trend.

XMR/USD is up more than 2 percent on day at $70.782 and in more than 3 percent range for the day. On the 6-hour chart of the coin, XMR has reached a point where there is a critical resistance in the form of a horizontal resistance that has not allowed bulls to cross past itself since the end of March.

The resistance line is placed at $72.18 currently and rally beyond this range would take it past magical three digit mark towards $120.

XMR/USD 240-minute chart:

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Author

Manoj B Rawal

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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