FxWirePro: Monero (XMR/USD) upside capped by 34- day EMA, good to sell on rallies
Bitcoin is consolidating after hitting high of 6647 level. It has recovered more than 12% from the low of $5858. The altcoins has showed a minor jump following footsteps of BTC.
The pair has shown a good jump of more than 40% after hitting low of $76. It hits high of $109.20 and is currently trading around $96.56.
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 $112.50 (34- day EMA) and any break above confirms minor bullishness. Any violation above targets $120/$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 $101-$102 with SL around $112 for the TP of $76.