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Monero Price Analysis: Bulls struggle at the 50% Fibonacci retracement level

  • Monero trades over 2% higher on Friday but meets some resistance at the 50% Fib level.
  • The market is still firmly in a bullish trend and might find support at the psychological 60.00 mark.
Monero Price Analysis: Bulls struggle at the 50% Fibonacci retracement level
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

XMR/USD daily chart

Monero is still moving higher on Friday and trades up around 2% but the bulls have been halted in their tracks. The 50% Fibonacci retracement zone if often one of the strongest ones and it seems like the price has stalled right at the level. It is an interesting development as yesterday the price moved above the 200 simple moving average and the pair seemed very bullish. 

Looking closer at some of the other indicators, the relative strength index indicator still has some space to move higher. The indicator is still firmly above the 50 mid-point in bullish territory and has a very clear upward angle. The volume at the bottom still looks very light and if you zoom in on some of the intraday charts the down candles seem to have more backing.

Monero stalls at 50% Fib

Additional levels

XMR/USD

Overview
Today last price60.479
Today Daily Change1.2681
Today Daily Change %2.14
Today daily open59.2109
 
Trends
Daily SMA2055.7833
Daily SMA5050.5492
Daily SMA10062.5904
Daily SMA20058.7342
 
Levels
Previous Daily High61.0032
Previous Daily Low56.365
Previous Weekly High57.4679
Previous Weekly Low51.0848
Previous Monthly High70.2655
Previous Monthly Low26.0055
Daily Fibonacci 38.2%59.2314
Daily Fibonacci 61.8%58.1368
Daily Pivot Point S156.7162
Daily Pivot Point S254.2215
Daily Pivot Point S352.078
Daily Pivot Point R161.3544
Daily Pivot Point R263.4979
Daily Pivot Point R365.9926

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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