Monero Indicator Analysis Shows Price Stuck Below $68 Resistance

The Monero Indicator analysis shows that the XMR price is still stuck below the $68 level resistance as we are reading further in the following Monero price news.

In recent times, Monero entered a smooth uptrend while in its early stage, the price was making a series of higher highs and lower lows. The uptrend deviated after reaching the $68 overhead resistance. A few days ago, the buyers pushed the price above this level but were unable to sustain the momentum, according to the Monero indicator analysis.

The upward movement was resisted at the $70 high level with an immediate bearish response to the coin dropping to $64 before moving up again. There has been another scenario since April as the bulls made several attempts without breaking it. Monero is trading at $67 but if the bulls break above $68 and $70 resistance levels, the crypto could rally even higher to $80 price range.

The price bars are set above the 12-EMA and the 26-EMA. This is a clear indicator that the cryptocurrency is likely to rise. XMR is above the 74% range of the daily stochastic indicating that XMR is in a bullish momentum. The stochastic bands are set horizontally below the overbought region while the market seems to be in a sideways trend. Monero is in a sideways move below the $68 overhead resistance while the bulls are waiting to resolve the price level. The uptrend will resume as soon as $68 resistance is breached. A strong bounce above the $67 level will boost the price above this resistance level and will sustain the momentum.

It seems now that all eyes are on the heavy resistance zones of $100 based on VPVR and the psychological round numbers as Monero nears the golden cross zone. Created back in 2014, the privacy coin Monero proclaims unlinkability, privacy, and untraceability of the transactions. The cryptocurrency is down by 86% from its all-time high of more than $500 which was established in 2017. The market cap now stands at $1.15 billion ranking 15th on the market cap table with $42 million in trading volume over the past day.

The latest Monero nitrogen nebula upgrade will improve speed and privacy for the asset. The team says that the latest release will come with Dandelion ++ support so the users will have improved Bulletproofs verification speed.