Monero Price Analysis: XMR makes another break for the 200 SMA

Monero trades nearly 3% higher on Wednesday as crypto sentiment improves.
The price is moving closer to the 200 simple moving average which has been rejected twice.

Rajan Dhall, MSTA FX Daily

XMR/USD daily chart

Monero is having a good session on Wednesday and trades nearly 3% higher. The price is now heading toward the 200 day simple moving average (SMA) which has been used as resistance twice recently. It seems that this pair like the 200 SMA as you can see on the chart it has worked to good effect on a few occasions.

Looking at some of the other indicators now, the relative strength index indicator has moved above the 50 mid-line and there is still space to move higher as it is not in the overbought territory just yet. If the price does beak lower the next key support lies at the 50.00 level. On the topside, if the SMA does break then 64.00 looks like a pretty strong resistance.

Additional levels

XMR/USD

Overview
Today last price	56.8616
Today Daily Change	1.5605
Today Daily Change %	2.82
Today daily open	55.3011

Trends
Daily SMA20	55.1552
Daily SMA50	50.8594
Daily SMA100	62.6345
Daily SMA200	58.7214

Levels
Previous Daily High	55.8692
Previous Daily Low	54.1731
Previous Weekly High	57.4679
Previous Weekly Low	51.0848
Previous Monthly High	70.2655
Previous Monthly Low	26.0055
Daily Fibonacci 38.2%	55.2213
Daily Fibonacci 61.8%	54.821
Daily Pivot Point S1	54.3597
Daily Pivot Point S2	53.4184
Daily Pivot Point S3	52.6636
Daily Pivot Point R1	56.0558
Daily Pivot Point R2	56.8106
Daily Pivot Point R3	57.7519

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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