Monero price is slowly declining from the $102 high against the US Dollar. However, XMR/USD has a major support and buy zone near $84.00.
Key Talking Points
- Monero price started a new short-term downside wave from the $102 swing high against the US Dollar.
- There is a key bearish trend line forming with resistance at $91.00 on the 2-hour chart of XMR/USD.
- The pair might test an important support region near $84.00 where buyers are likely to take a stand.
Monero Price Chart Analysis (XMR/USD)
After trading above the $100.00 handle, Monero price failed to hold gains against the US Dollar. The price started a downside move after forming a high near $102 and traded lower by more than $10.
There was a close below the $90 level and the 100 simple moving average (2-hour). XMR traded as low as $86.09 before starting a correction. It moved above the 23.6% Fibonacci retracement level of the last decline from the $102.89 high to $86.09 low, but failed to settle above the stated fib level.
The 100 SMA is currently acting as a major resistance near $90.80 for buyers and preventing an upside break. Moreover, there is a key bearish trend line forming with resistance at $91.00 on the 2-hour chart of XMR/USD.
Therefore, there is a clear resistance forming near $91.00. A successful close above $91.00 would open the doors further upsides, probably towards the 50% Fibonacci retracement level of the last decline from the $102.89 high to $86.09 low at $94.50.
On the downside, there is a crucial support waiting near $84.00. The stated $84.00 support acted as a solid buy region on many occasions and prevented declines. Therefore, a close below $84.00 won’t be easy in the near term.
Overall, it seems like there is a short-term breakout point forming near $91.00. A break above $91.00 should push XMR/USD towards $94.50 or even $96.00.
On the flip side, any further slides would face strong buying interest near $84.00, which is a significant support area.
Trade safe traders and do not overtrade!