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.
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.
