- Monero pullback finds support at the vital ascending trendline.
- Both the 100 SMA and the 50 SMA offer support as the bulls push for gains towards the $80 level.
Monero’s higher low pattern since the beginning of September has seen it successfully challenge several resistance levels. Besides, the breakout earlier this week catapulted it above $80 before losing steam at $82.65. The following price action saw XMR lose ground below $80.
The hourly chart for XMR/USD trading pair shows the relative strength index pushing for headway above the average. The recovery from levels around 30 has been relatively gradual as buyers needed time to find balance after yesterday’s drop. At the same time, the moving average convergence divergence trend suggests that the bulls are taking over control. The MACD cross to the positive region is a key indicator for stronger bullish momentum.
Significantly the simple moving averages are working as support for XMR. The 100 SMA on the hourly chart offering support at $75.45 while the 50 SMA is in line for support at $75.046. The levels at $70 and $65 are vital support areas for Monero as well. The biggest task for the bulls is take advantage of the slightly positive picture and push for gains above $80.
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.