Monero (XMR) Faces Selling Pressure After Breakout Attempt

Share On Facebook

Key Support Levels: $40, $30, $20

©

Key Resistance Levels: $70, $80, $90

 

XMR/USD Price Long-term Trend: Bearish
The coin had been trading above $50 in October in a sideways trend. In November, Monero made a positive move and broke above the $60 price level. The bulls could not sustain the move above the upper price level as the coin was resisted at $65. Monero drops and breaks the low at $50 to a new low of $47. The coin is falling after pulling back to retest the previous low at $50. There are indications that the coin will fall as the previous low has been broken. If the selling pressure continues, the price will reach the lows of either $34 or $40.

XMRUSD-Daily Chart

Daily Chart Indicators Reading:
The downward move has been characterized by a series of lower highs and lower lows. The coin retested the resistance line and made a downward move. The price may fall and reach the lower lows of the support line. The XMR has fallen and reached level 42 of the daily RSI period 14. It also indicates that the coin will fall as it is below the center line 50.

XMR/USD Medium-term bias: Bullish
On the 4-hour chart, the pair drops to the low of $46 and commences an upward move. The upward move was short-lived as the coin was resisted at $56. If the coin continues its falls and breaks below $46, the downward move will resume.

XMRUSD-Daily Chart

4-hour Chart Indicators Reading
The coin falls to the support of the 26-day EMA, if it breaks below it, the coin will resume depreciation. The pair is now trading in the oversold region below 20% of the daily stochastic. This indicates that the market is in a strong bearish momentum.

General Outlook for Monero (XMR)
Monero is trading in the bearish trend zone which tends to fall. Nevertheless, all the indicators are showing bearish signals. The coin is falling after testing the resistance line, if the coin holds above the support at $50, Monero will make an upward move. On the other hand, if it drops below $47, the downtrend will resume.

Monero (XMR) Trade Signal
Instrument: DASH/USD
Order: Buy Limit
Entry price: $47
Stop: $30
Target: $60

 

Source: https://learn2.trade

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20191214 22:12:35