XMR/USD technical analysis: Monero looks to be basing out

Monero trades 0.24% higher today after rejecting lower levels in yesterday's session.
Big volume has come in to support XMR/USD as 70.000 was rejected to the downside.

Rajan Dhall, MSTA FX Daily

On the 4-hour chart above you can see that the XMR/USD price has tried to move higher after rejecting 70.000 yesterday.

On the support side, 69.696 is the support level to watch on the downside as if it breaks we are no longer in a pattern of higher highs and higher lows.

The resistance level above the price at the moment is 76.716 and a break of this would put price closer to reaching the 80.000 psychological resistance.

Today's upside volume has been the most we have seen in Monero in a while.

For the uptrend to continue a break of 80.049 is the next key challenge but we are quite some way from there right now.

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.

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