Monero price analysis: The bounce is done for now; bulls need more strength and vigour

  • Monero bounced from the lows to the barrier.
  • Without any further trigger, new lows are on the horizon again.

Monero the cryptocurrency is done with its bounce for now and is headed to the lows again, unless bulls can find enough ammunition in the form of fundamental triggers to take it past this medium term resistance that has been a tough nut crack.

XMR/USD is up about a percent on the day at $94.55, retracing a bit from the day’s high of $96.62 exactly where it found resistance in the form a descending trendline on the 180-minute chart, which has been tough each time prices reached there in the recent past. 21 days SMA too has been tough on the bulls, placed at $95.93 currently.

Failing any fundamental positive triggers, XMR would now head towards the recent lows of $88 and if that breaches then all the way to $79.

XMR/USD 180-minute chart:

 

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