XMR is trying to base but the bears are still in control

Fibo Quantum

  • Monero is trading just under flat and is basing just above the 55.00 area.
  • The bears were not able to hit the 50.00 psychological level.

XMR/USD daily chart

The price of Monero is trying to consolidate at around the 55.00 area. If this does end up being successful then the next resistance level is up at the 60.00 psychological level. Beyond that, there is a resistance level at 66.35. Looking now at the volume data at the bottom of the chart, the sell-side volume has really picked up. In around the 16th January the buy-side volume was much larger and this coincided with the prevailing uptrend. The bulls will certainly need to break this momentum if they are to attack the resistance levels above. 

Additional Levels