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Trading Signals for XMR: October 12 – Coinnounce

Daily Trading Signals for XMR October 12

  • Dominant bias for Monero (XMR) – Bearish
  • Resistance Levels- 120, $130, $140
  • Support Level- $90, $80. $70

XMR Analysis

After almost three weeks of consolidation, the bears broke out of the lower support area of the range and commence a nice journey to the south. 112.00 has been a critical area in the lower support area with price bouncing off after each touch. The formation of a pinbar at in this support area pushed XMR up 115.45 before the end of yesterday trading session.

The news that filter from the American Association of Retired Persons was a boost to the bears with the 4-hour opening candle as a bearish engulfing. XMR was down to 103.71 in the support area. Increased bearish momentum pushed the cryptocurrency to 101.51.

XMRUSD Price Chart 12 October

Price is below the 200 and 34 EMA which implies strong bears presence in the overall outlook.

Retracement is necessary for the market correction to take place. Hence the bulls may make a temporal return to push price up around the 23.6 area. The RSI in the oversold region of 20% with its signal up confirming the possibilities of the bulls return.

The bear may stage after bearish candles reversal pattern at the 23.6 area. This may see the bears testing the target at $96.80.

Azeez Mustapha @ItuGlobal

Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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