- XMR/USD is currently seeking support above $130 while setting in a short-term bullish flag pattern.
- Both the 50 SMA and the 200 SMA will prevent movements toward the next support target at $125.
Monero price is ignoring the selling pressure that is sweeping across the entire market. There are no major movements downwards, but most of the assets are making downwards corrections while the upside movements have been limited. Monero is up 1.69% on the day after recovering from the pits slightly below $108.
The buyers are intent on maintaining the price above the 23.6% Fib retracement level with the previous swing high of $134.6 and a swing low of $107.7 around $128. This has been a key breakout point with an increasing amount of selling activity in the past couple of days. After breaching this resistance, there was a breakout during the Asian trading hours on Thursday. Monero price ascended sharply above $130 and breached another resistance area at $134 but the sellers prevented movement above $135.
XMR/USD is currently seeking support above $130 while setting in a short-term bullish flag pattern. The 23.6% Fib retracement level at $128.00 (former resistance) will also support the price. In the event the decline breaks down further, both the 50 SMA and the 200 SMA will prevent movements toward the next target at $125 but the major support can be observed at $112 – $108 (outstretch in the near-term).
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