Monero is Drawing Stronger Liquidity and Activity
Monero is Drawing Stronger Liquidity and Activity
Monero recently got a strong boost from bullish market forecasts, swing it on target towards testing a part of interest visible on the daily chart. This lines up with the 38.2% to 500th Fib levels, therefore there could also be some selling pressure to observe out for."Monero is Drawing Stronger Liquidity and Activity"
In addition, the 100 SMA is below the longer-term 200 SMA to point that the path of least resistance is to the drawback. In other words, there’s still a strong level chance for the sell stop loss to resume. Then again, the price has moved past the 100 SMA dynamic inflection point to reflect a small amount of bullish momentum.
The area of interest lines up with the 200 SMA dynamic resistance around $160.50 to $190, though, therefore sellers are possible waiting to defend that area. A move past this might result in a test of the 61.8% Fib just past the $200 major psychological mark.
RSI remains on the move up to signal the presence of buyers, however, is also dipping into overbought territory. Turning lower could encourage more profit-taking and result in a dip in Monero price. Similarly, stochastic just reached the overbought zone but has yet to turn down.
Monero got a strong boost from bullish forecasts by Satis ICO research group, that expected exponential gains for the coin in the next 5 to 10 years. Of course, traders not wanting to get left behind were fast to reopen or increase their long positions.
The renewed interest in Monero is also drawing stronger liquidity and activity, that are sometimes important to keep a token’s value supported. A continuation of this sentiment, combined with positive developments within the space, could be enough to prop it higher past the area of interest.
On the opposite hand, resurfacing considerations in the business may lead to some dips, particularly since the rallies seem to be going nonstop and could use a breather.
In addition, the 100 SMA is below the longer-term 200 SMA to point that the path of least resistance is to the drawback. In other words, there’s still a strong level chance for the sell stop loss to resume. Then again, the price has moved past the 100 SMA dynamic inflection point to reflect a small amount of bullish momentum.
The area of interest lines up with the 200 SMA dynamic resistance around $160.50 to $190, though, therefore sellers are possible waiting to defend that area. A move past this might result in a test of the 61.8% Fib just past the $200 major psychological mark.
RSI remains on the move up to signal the presence of buyers, however, is also dipping into overbought territory. Turning lower could encourage more profit-taking and result in a dip in Monero price. Similarly, stochastic just reached the overbought zone but has yet to turn down.
Monero got a strong boost from bullish forecasts by Satis ICO research group, that expected exponential gains for the coin in the next 5 to 10 years. Of course, traders not wanting to get left behind were fast to reopen or increase their long positions.
The renewed interest in Monero is also drawing stronger liquidity and activity, that are sometimes important to keep a token’s value supported. A continuation of this sentiment, combined with positive developments within the space, could be enough to prop it higher past the area of interest.
On the opposite hand, resurfacing considerations in the business may lead to some dips, particularly since the rallies seem to be going nonstop and could use a breather.
Monero is Drawing Stronger Liquidity and Activity
Reviewed by mir khaleq ali
on
02:29
Rating:
Reviewed by mir khaleq ali
on
02:29
Rating:
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