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.
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.
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
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.