Monero Price Analysis: XMR stalls at the 50.00% Fibonacci extension
- Monero trades 1% higher on Monday as the majors struggle.
- The price has now stalled at the 50% Fibonacci level.
XMR/USD daily chart
Monero is trading around 1% higher on the first trading day of the week. XMR/USD is managing to hold above the psychological 60.00 level. At the moment the price is struggling at the 50% Fibonacci zone which confluences with the red horizontal resistance level.
Looking at the RSI now the signal line is holding in the positive zone above the 50 mid-line. If this is to be a turning point then the black diagonal will need to be broken and the market might then find support at the 23.6% Fibonacci retracement zone.
Another bearish signal is the daily ranges they have dropped off dramatically recently as the daily candles are getting smaller and smaller. The volume has also been pretty thin which can be another sign the market is not interested in prices at these elevated levels.
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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.
