Monero Price Analysis: XMR/USD stuck in a range despite being in the green

  • Monero buyers are facing an uphill task breaking the resistance at $70 (range limit).
  • XRM/USD could be stuck in the range between $70 and $60 much longer according to the technical picture.

Monero is among the few if not the only cryptocurrency in the green during the Asian session on Wednesday. Consolidation has become the domineering trend this week. Cryptoassets, led by the largest trading pair BTC/USD are dealing with choppy markets. Interestingly, XMR/USD is in the green in spite of the choppy markets after correcting higher by over 0.45% on the day.

In the meantime, Monero is dancing at $63. Its immediate upside is capped by the 50-day SMA. Glancing farther up, the rectangular resistance at $70 continues to stand its ground. Attempts made to overcome the seller congestions zone have gone unrewarded and instead, have ended up in losses towards the range support at $60.

Looking at the technical levels, Monero is likely to push the consolidation within the range a while longer. The RSI, for example, is motionless at 48. The same goes for the MACD, currently holding the ground at the midline (0.00).

In addition, XMR/USD is trading between the 50-day SMA resistance and the 200-day SMA support. For now, support at $60 must be defended at all costs to ensure that possible losses to $50 are averted. On the flip side, gains above the 50-day SMA and the range resistance at $70 could place BTC/USD in a trajectory towards $100.

XMR/USD daily chart

XMR/USD price chart


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

Latest Crypto News & Analysis

Editors’ Picks

Crypto market recovery in jeopardy

The cryptocurrency market is mixed red and green as the week grinds to a halt. Bitcoin and Ethereum are among the few assets that have accrued minor gains over the last 24 hours. A minor change can be observed in the total capitalization for the crypto market. 

More Crypto News

DOT bears tighten their hold, price aims for $4

DOT/USD has been on a downtrend after charting the evening star pattern. The 4-hour chart has flashed the buy signal with a red-nine candlestick in the TD sequential indicator.

More Polkadot news

UNI bulls aggressively fight for an upswing to $3.5

UniSwap bounces off support at $2.5 as bulls work around the clock to regain control. UNI/USD must break the descending channel middle layer resistance for gains above $3.

More UniSwap

DeFi Top 3 Losers: Loopring, SushiSwap and Band Protocol

The craze surrounding DeFi has relatively settled down since the September crash. IntoTheBlock noted on Twitter that the ratio of DeFi tokens’ market cap to Ethereum went from being around 25% in late August to just over 15%.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast