- 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.
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