FxWirePro: Monero (XMR/USD) Daily Outlook

Bitcoin is consolidating in narrow range after hitting high of 6899 level. It is facing strong resistance around $6900 (55- day EMA) and any break above confirms further bullishness. Major altcoins also trading in narrow range following footsteps of BTC.

The pair has shown a good jump of more than 40% after hitting low of $76. It hits high of $107 and is currently trading around $90.88. The pair has jumped twice slightly above $100 and declined from that high.

XMR declined continuously from the minor top of $151.95 till $87 almost more than $60. The pair has recovered after showing a minor decline below trendline.

The near term resistance is around $97 (20- day MA) and any daily close above confirms minor bullishness. Any violation above targets $110/$118/$131.

On the lower side, near term support is around $90and any break below targets $77/$70.

It is good to sell on rallies around $95-96 with SL around $103 for the TP of $76.