XMR/USD Long-term Trend: Bearish
- Resistance levels: $70, $80, $90
- Support levels: $60, $50, $40
The price of Monero is in a bearish trend after the bulls failed to break the $72.50 resistance level. The crypto’s price fell and broke the 12-day EMA but found support at the $62.50 price level. However, if the bearish trend continues and the bears break the $62.50 price level, the crypto’s price will depreciate and fall to the previous low at the $55 price level.
Nevertheless, on the upside, the $62.50 price level is likely to hold. On April 4, the price of Monero made a downward correction to the low at $62.50 after being resisted at the $70 price level. The $62.50 price level was held as the bulls resumed a bullish trend that tested the $72.50 resistance level.
Today, the crypto’s price is in a bullish trend. On the upside, if the $62.50 price level holds, the bulls will resume another bullish trend to retest the $72.50 price level. If the bulls break the $72.50 resistance level, the crypto’s price will rally above the $100 price level. Meanwhile, the stochastic is in the overbought region but below the 60% range. This indicates the price of Monero is in a bearish momentum and a sell signal.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
