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Monero (XMR) Long Term Price Analysis – April 16 Bearish

XMR/USD Long-term Trend: Bearish

  • On the upside, if the  $62.50 price level holds, the bulls will resume another bullish trend to retest the $72.50 price level.
  • On the other hand, if the bearish trend continues and the bears break the $62.50 price level, the crypto’s price will fall to the previous low at the $55 price level.
  • Resistance levels: $70, $80, $90
  • Support levels: $60, $50, $40

The price of Monero is in a bearish trend after the bulls failed to break the $72.50 resistance level. The crypto’s price fell and broke the 12-day EMA but found support at the $62.50 price level. However, if the bearish trend continues and the bears break the $62.50 price level, the crypto’s price will depreciate and fall to the previous low at the $55 price level.

Nevertheless, on the upside, the $62.50 price level is likely to hold.  On April 4, the price of Monero made a downward correction to the low at $62.50 after being resisted at the $70 price level. The $62.50 price level was held as the bulls resumed a bullish trend that tested the $72.50 resistance level.

Monero Chart By TradingView

Today, the crypto’s price is in a bullish trend. On the upside, if the  $62.50 price level holds, the bulls will resume another bullish trend to retest the $72.50 price level. If the bulls break the $72.50 resistance level, the crypto’s price will rally above the $100 price level. Meanwhile, the stochastic is in the overbought region but below the 60% range. This indicates the price of Monero is in a bearish momentum and a sell signal.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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XRP Price Analysis – April 16 Bearish

Nine coins from the top 10 coins by 24-hour volume posted negative changes