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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.
Monero Price Analysis: XMR makes another break for the 200 SMA
Rajan Dhall, MSTARajan Dhall, MSTAFX 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.

XMR 200 moving average

Additional levels

XMR/USD

Overview
Today last price56.8616
Today Daily Change1.5605
Today Daily Change %2.82
Today daily open55.3011
 
Trends
Daily SMA2055.1552
Daily SMA5050.8594
Daily SMA10062.6345
Daily SMA20058.7214
 
Levels
Previous Daily High55.8692
Previous Daily Low54.1731
Previous Weekly High57.4679
Previous Weekly Low51.0848
Previous Monthly High70.2655
Previous Monthly Low26.0055
Daily Fibonacci 38.2%55.2213
Daily Fibonacci 61.8%54.821
Daily Pivot Point S154.3597
Daily Pivot Point S253.4184
Daily Pivot Point S352.6636
Daily Pivot Point R156.0558
Daily Pivot Point R256.8106
Daily Pivot Point R357.7519

Author

Rajan Dhall, MSTA

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

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