Monero Gets Ready to Rise after Flexing Strong Support above $64

Recently, Monero (XMR) encountered a breakdown while it was consolidating above the $64 support. The bears pushed the coin to $60 low and bulls responded abruptly.

Monero Price Long-Term Prediction: Bullish

The bulls buy the dips as price returns above the $64 support. However, after price tussle, the coin dropped to $63 low and rebounded. The current momentum has pushed the coin to $67 high.

 Buyers are currently battling the resistance at $67. The bulls have two hurdles to jump over, the resistance at $67 and the overhead resistance at $70. On the upside, a strong bounce above $66 support will accelerate price to break the resistance at $67 and $70. Possibly the momentum will continue to the high of $80. Nonetheless, if the bulls fail to sustain the upward move above $64, the bears will attempt to sink the price of the coin.

Monero Indicator Analysis 

Buyers have taken positive steps as they break above the 12 and 26-day EMAs. The implication is that XMR will resume an upward move to retest the overhead resistance. The crypto is above 60% range of the daily stochastic. It indicates that the market has bullish momentum.

Key Resistance levels: $80, $90, $100

Key Support levels: $50, $40, $30  

What Is the Next Move for Monero?

Monero uptrend is intact despite the recent breakdown as bulls take control of price. Nevertheless, the bulls have to sustain the price above the $64 and break the resistance levels. Presently, a break above $67 resistance will accelerate price movement to the previous highs. 

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Source: Read Full Article