Monero is still in limbo as bulls and bears are fighting for the descending trend line. XMR/USD went above the trend line during the American session and we have noted this in our latest brief review. However, bulls were unable to hold their positions as bears pushed the currency pair lower.
Monero price has recently tested the lower boundary of the Ichimoku cloud and formed a pin bar. The next candlestick crossed the descending trend line. Now, we are above this line and the Ichimoku cloud. Bulls have regained the initiative and are likely to develop their success in the nearest future.
Monero price is above the $229 resistance line area. The next resistance area is at $235. There is a secondary scenario here. Another possibility is for bears to take the initiative and drive XMR/USD lower. In this case, they have to cross the support line area at $229 and then to successfully test the descending trend line in order to push the price lower.
We are still in the middle of nowhere on the daily chart as XMR price is within the Ichimoku cloud and seems to avoid falling towards the lower boundary of the formation. XMR/USD is below the long-term descending trendline meaning bears are still in total control over the market.
Bulls are trying to regain initiative and there is a probability that XMR price will move towards the $252 resistance level area to test it.
Check the full crypto analysis HERE
Monero price has recently tested the lower boundary of the Ichimoku cloud and formed a pin bar. The next candlestick crossed the descending trend line. Now, we are above this line and the Ichimoku cloud. Bulls have regained the initiative and are likely to develop their success in the nearest future.
Monero price is above the $229 resistance line area. The next resistance area is at $235. There is a secondary scenario here. Another possibility is for bears to take the initiative and drive XMR/USD lower. In this case, they have to cross the support line area at $229 and then to successfully test the descending trend line in order to push the price lower.
We are still in the middle of nowhere on the daily chart as XMR price is within the Ichimoku cloud and seems to avoid falling towards the lower boundary of the formation. XMR/USD is below the long-term descending trendline meaning bears are still in total control over the market.
Bulls are trying to regain initiative and there is a probability that XMR price will move towards the $252 resistance level area to test it.
Check the full crypto analysis HERE
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.