Monero Price Analysis: XMR/USD bulls retain momentum and keep the price above $80


  • XMR/USD had earlier failed at the $95.15 and $86.55 resistance levels.
  • The bulls will need to conquer resistance at SMA 20 to continue the positive momentum.

XMR/USD daily chart

XMR/USD daily chart

XMR/USD bulls managed to retain control in the early hours of Saturday as the price went up from $80.40 to $81. XMR/USD is currently trending in a downward channel formation after it had previously failed at the $95.15 and $86.55 resistance levels. The bulls managed to bounce up from the $76.75 support level to this Friday and continued to be on top. The buyers will want to break past the resistance at the SMA 20 curve to re-enter the $85-zone. Both the MACD and Elliott Oscillator indicate that while the overall market sentiment is bearish, the bullish price action of the last two days has inhibited the negative momentum. 
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: Bearish technical signals point to a test of the 6K area

Bitcoin is looking bearish on Wednesday as the price moved 3% lower after rejecting higher levels. The market bounced off the blue trendline and pushed through the 55 and 200 hourly moving averages.

More Bitcoin News

Ripple Price Analysis: Bearish technical signals could seen XRP to 0.1600

Ripple has had a good run at testing upside targets recently but it seems there was no breaking 0.1800 for now. Now it seems the trendline in black on the chart has been broken to the downside.

More Ripple News

ETH/USD locked in a range; short-term recovery capped by $134.40

ETH/USD is changing hands at $132.00, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The second-largest digital asset has been moving within a short-term bearish trend amid high volatility. 

More Ethereum News

Monero Price Analysis: XMR pushes higher towards the 50.00 level

Monero has caught a bid late in the US session on Wednesday after trading lower for most of the day. The price has just recently moved through the moving averages (55 & 200) which can be considered a bullish sign. If the black resistance line at 48.20 ...

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast

BTC

ETH

XRP