XMR is stuck between a rock and a hard place

  • Monero trades just under 1% higher but needs some momentum. 
  • The price is now moving into a consolidation phase between 52.00 and 60.00.

XMR/USD 4-hour chart

Monero still has a bullish chart structure posting higher highs and higher lows. The key level on the downside is now 51.07 as if it breaks it will break the bullish trend and print a lower low wave. On the upside, the previous wave high at 60.00 is the most important level for the bulls as if that resistance breaks it will ensure the uptrend continues. 

Looking closer at the technical indicators, the relative strength index has moved into a lower zone under the 50 mid-line. The price is also under the 55 exponential moving average which is a bearish sign but the pair is still above the 200 simple moving average. In terms of the key Fibonacci levels, the strongest one looks like the 50% area. It aligns with some previous support and resistance area which gives it even more importance. 

Additional levels