Monero Seems Flat, Facing Strong Resistance At $70: Price Analysis

Monero seems flat and it was the only altcoin that didn’t exhibit major surges in the altcoin season. The altcoin seems to face strong resistance at $70, while other coins such as Cardano, Digibyte, and VeChain breached new highs. Let’s see more in the Monero news today.

Monero seems flat, facing strong resistance at $70 after the massive sell-off back in March. XMR is believed to have the 3^rd largest developer base from all the crypt projects after Ethereum and BTC which are believed to be an investment of the long-term. While MR coin trades at $69 below the stringent resistance, the price remains with positive sentiment in the market due to the intraday bullishness. On the 24-hour chart, the Monero price trend seems flat against the US dollar for more than two months due to the lack of steady momentum. XMR investors will likely experience a breakout soon according to the current price trend and momentum.

Monero seems to have similar traction to the one of Bitcoin which is also waiting for a possible breakout soon which only confirms that the former doesn’t really belong in the altcoin group. However, XMR/USD in the intraday seems bullish and is ready to hit the upper 20-day Bollinger band as they squeeze the 24-hour chart. The RSI of the coin is seen inclined to the overbought zone due to the intraday positive sentiment at 63.20, with support from 50-day and 200-day MA.
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Monero encounters breakdown after consolidating above the $64 support level as the bears pushed the altcoin to the $60 low level and bulls responded immediately. The buyers took some positive steps as they break above the 12 and the 26-day EMA so the implication is that XMR will resume an upward move and retest the overhead resistance. As monero encounters breakdown, the crypto got up above 60% of the daily stochastic. It indicates that the market is in a bullish momentum and the key resistance levels are set at $80, $90 and $100 while the key support levels are set at $50, $40 and $30.

Finally, the latest reports show that criminals prefer Monero over bitcoin as the cryptocurrencies have been attracting illegal dealers since they were created. Because of their anonymity and security, Bitcoin was mostly used as a payment method on the darknet markets but lately, criminals have started paying more attention to Monero.