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Monero price analysis: XMR/USD finds resistance at the SMA 20 curve

FX Street
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  • XMR/USD has been trending in a narrow range between $56 and $52.65.
  • The Elliott Oscillator has had a red session following seven straight green sessions.

XMR/USD daily chart

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Following a slightly bullish Wednesday, the XMR/USD bears have taken control of the market in the early hours of Thursday. Monero fell from $53.15 to $52.65. XMR/USD has been trending in a narrow range between $56 and $52.65. The 20-day Simple Moving Average (SMA 20) acts as the immediate market resistance, while the 20-day Bollinger Band has narrowed, indicating decreasing price volatility. The Elliott Oscillator has had a red session following seven straight green sessions. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum.
 

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