MONERO (XMR/USD) Shows Overall Strength!
Monero' shows us a pretty smooth and steady climb upwards. It has made very clean higher lows which will indicate that the current short-term trend is strongly upwards.
At the moment, the price is below the main down-trendline which works as a resistance, also there is a 50 & 100 EMA and they do the same thing!
Like You know, we have clean higher lows and also we have a bullish indication from the EMA's. On the chart You can see that the 200 EMA is below the 100 EMA this means that we have a golden cross between the mentioned EMA's and this is a nice indication if we break above the major trendline that the climb will continue. The first targets would be the nearest resistances above us (green 'boxes'), the first one is around $128 and the second one is around $140!
Speaking about support levels and bearish confirmations then the 200 EMA is below the current price (currently, this is a pretty rear case that the price is above the 200 EMA and this is a pretty strong sign that the coin has the power to hold the price after those dumps) which works as a support, if we break below from that then we have major counter trendline around $105-$107. The trendline is a remarkable spot where we could want to see a bounce upwards if we want to stay bullish but if we got at least a four-hour candle close below that trendline then it would be a bearish sign and the down pressure is very strong, there You have to be cautious!
Hopefully, those levels and this analysis helped You out a little bit to confirm your own analysis!
If You want to get deeper analysis and crypto-news then please visit our site, the link is on the profile!
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Best regards!
At the moment, the price is below the main down-trendline which works as a resistance, also there is a 50 & 100 EMA and they do the same thing!
Like You know, we have clean higher lows and also we have a bullish indication from the EMA's. On the chart You can see that the 200 EMA is below the 100 EMA this means that we have a golden cross between the mentioned EMA's and this is a nice indication if we break above the major trendline that the climb will continue. The first targets would be the nearest resistances above us (green 'boxes'), the first one is around $128 and the second one is around $140!
Speaking about support levels and bearish confirmations then the 200 EMA is below the current price (currently, this is a pretty rear case that the price is above the 200 EMA and this is a pretty strong sign that the coin has the power to hold the price after those dumps) which works as a support, if we break below from that then we have major counter trendline around $105-$107. The trendline is a remarkable spot where we could want to see a bounce upwards if we want to stay bullish but if we got at least a four-hour candle close below that trendline then it would be a bearish sign and the down pressure is very strong, there You have to be cautious!
Hopefully, those levels and this analysis helped You out a little bit to confirm your own analysis!
If You want to get deeper analysis and crypto-news then please visit our site, the link is on the profile!
Please, don't forget to hit the LIKE button to support us!
Best regards!
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