Monero Price Analysis: The Gann fan line and psychological level 60.00 have been rejected


  • Monero is trading just over 1% higher as most other cryptocurrencies remain negative.
  • The price has rejected a key Gann level which matched the 60.00 psychological zone.

XMR/USD 4-hour chart

Monero is having another positive session despite stalling at the psychological 60.00 level. The chart is still a bullish one with the pair continuing to make higher lows and higher highs. The 55 and 200 period moving averages have also recently had a bullish cross which is also a positive signal. 

Looking closer at the technicals now, you can see the fan lines hit the price exactly at the same point the price rejected the 60.00 resistance zone. This doesn't mean the upward trend is over as the lines are still sloping in an upward trajectory. But it could mean if there is a pullback the price could target the next fan line down or just rest on the top side of the channel. The point of these fan lines is to wait for a break. If the one underneath the price breaks the market could retrace up to 50% of the move. Well, that is the theory anyway. They are also a great support and resistance tool so keep an eye on some of the levels.

Monero Gann Analysis

Additional levels

XMR/USD

Overview
Today last price 58.7473
Today Daily Change 0.8323
Today Daily Change % 1.44
Today daily open 57.915
 
Trends
Daily SMA20 48.7502
Daily SMA50 55.7604
Daily SMA100 62.468
Daily SMA200 59.1536
 
Levels
Previous Daily High 58.2209
Previous Daily Low 55.6033
Previous Weekly High 54.3515
Previous Weekly Low 43.8817
Previous Monthly High 70.2655
Previous Monthly Low 26.0055
Daily Fibonacci 38.2% 57.221
Daily Fibonacci 61.8% 56.6032
Daily Pivot Point S1 56.272
Daily Pivot Point S2 54.6289
Daily Pivot Point S3 53.6544
Daily Pivot Point R1 58.8895
Daily Pivot Point R2 59.8639
Daily Pivot Point R3 61.507

 

 

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