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Monero Price Analysis: XMR/USD Remains Buy Near $84.00

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.

Monero Price Analysis

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!

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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