2018-8-23 23:19 |
Key Highlights: Further downwards movement confirmed in the Monero 4-Hour chart; there is a probability for price breaking out of the resistance level of $105; taking short trades is advisable. XMR/USD Long-term Trend: Bearish
Resistance levels: $105, $120, $130,
Support levels: $77, $67, $56
Monero broke the resistance level of $105 and moved downside to the deep support level of $77. This price level ($77) was reached last year September 15, before it moved upward. Last week a bullish Pin bar formed at the support level of $77 moved the price upward towards the resistant level of $105. The 4-day EMA moved upward with the price towards the 50-day EMA. The price could not break the resistance level of $105.
Now, it forms another bearish candle as the price moves close to the strong support level at $77. Should the strong support level get broken, the pair will drop further and get exposed to another strong support level at $67. The MACD, with its histogram below the zero level, indicates that the price may slide further downwards.
XMR/USD Price Medium-term Trend: BearishRecently, the cryptocurrency tried to break upwards but more sellers came in at the resistance level of $105, and price slid further southwards. In the 4-hour chart, the price is below the 4-day EMA, which connotes the possibility of a downwards trend continuation.
XMR/USD has been very bearish, making higher lows and lower lows in the channel within the levels of $105 and $77. Taking long trades is not advisable at the moment as the MACD in the 4-hour chart also supports short trades. XMR may break out to the upper trend lines and expose the price to another resistance level of $120.
The post Monero (XMR) Price Analysis: Trends of August 22–28, 2018 appeared first on CoinSpeaker.
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