XMR/USD Long-term Trend: Ranging
- Resistance levels: $70, $80, $90
- Support levels: $60, $50, $40
The XMRUSD pair had been trading between the levels of $62.50 and $72.50 in the month of April. The bulls failed to break the $72.50 resistance level compelling the crypto’s price to be in a range bound movement. Nevertheless, on April 1, the crypto has an opening balance of $56.97.
On April 29, it has a closing balance of $64. This implies that the price of Monero appreciated by 12% of its capitalization in the month of April. On April 8, the bulls were resisted at the $72.50 price level and the price fell to a low at $64.20. After the downward fall, the bulls resumed the bullish trend to face another resistance at the $70 price level.
On April 24, the bulls were resisted at the $70 price level. The crypto’s price fell and broke the lower price range but the bulls pulled above the lower price range.
On the upside, if the bulls break above the EMAs, the crypto’s price will reach the previous highs of $70 and $72.50 . On the downside, if the bears break below the $60 support level, the crypto’s price will fall to a low at $55. Meanwhile, the stochastic is in the oversold region but above the 20 % range. This indicates that the price of Monero is in a bullish momentum and a buy signal.
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