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.
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.
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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.
