Monero Price Analysis: Monero stalls just before the psychological 60.00 level
- Monero has pushed toward the 60.00 area on Monday as bullishness kicks in.
- There is a firm channel on the 4-hour chart that has been well respected.
XMR/USD 4-hour chart
Monero has been bullish inline with the rest of the crypto world on Monday. The price has recently just stalled ahead of the psychological 60.00 level. The market is making consecutive higher highs and higher lows. The red resistance line is from a higher timeframe and was used as a decent support and resistance zone in the past. The next level up is at 65.30 and again is a very important historical level.
On the downside, The blue 55 EMA could be used as support. That level is very close to the green zone which is a level from one of the previous wave highs. Naturally, it is also pretty close to the 50.00 level. The RSI indicator is in the overbought area and now looks to be turning lower. This could indicate the market will be in for a short term reversal before the trend continues.
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Additional levels
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.
