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.

Rajan Dhall, MSTA FX 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.

Additional levels

XMR/USD

Overview
Today last price	60.479
Today Daily Change	1.2681
Today Daily Change %	2.14
Today daily open	59.2109

Trends
Daily SMA20	55.7833
Daily SMA50	50.5492
Daily SMA100	62.5904
Daily SMA200	58.7342

Levels
Previous Daily High	61.0032
Previous Daily Low	56.365
Previous Weekly High	57.4679
Previous Weekly Low	51.0848
Previous Monthly High	70.2655
Previous Monthly Low	26.0055
Daily Fibonacci 38.2%	59.2314
Daily Fibonacci 61.8%	58.1368
Daily Pivot Point S1	56.7162
Daily Pivot Point S2	54.2215
Daily Pivot Point S3	52.078
Daily Pivot Point R1	61.3544
Daily Pivot Point R2	63.4979
Daily Pivot Point R3	65.9926

Author

Rajan Dhall, MSTA

FX Daily

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

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XMR/USD daily chart

Additional levels

XMR/USD

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