XMR Long Term Trading Signals: 28 October

Bias for Monero (XMR)- Bearish

Resistance Levels- 115, $125, $135

Support Levels- $95, $85. $75

 

The joy of the bulls to continue the journey north were terminated abruptly at $112.35 on 23rd October when they were rejected by the 50-EMA. The formation of a tweezer top on 24th October confirmed the bears’ takeover of the market. The cryptocurrency was initially down to $106.58 in the support area below the two EMAs. Increased bearish momentum further dropped XMR to 105.94.

 

XMR 1D chart
XMR 1D chart

 

The week ended saw XMR closed lower at $104.23 as against the previous at $105.06

The strong bearish pressure is much obvious with the price below the two EMAs and the stochastic oscillator in the oversold region with its signal pointing down. This suggests further downward momentum in the price of the cryptocurrency in days ahead.

The bears seem determined to retest the $100.00 marks at the support area which may happen soon. A break and close below it may open the way for downtrend continuation with $90.00 at the support area most probable.

ADVERTISEMENT
Avatar
Azeez Mustapha
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.

1 comment

Leave a reply

Please enter your comment!
Please enter your name here

Enable Notifications    Ok No thanks