Monero Price Analysis for March, 24th – XMR Aiming At Further Correction

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

On Tuesday, March 24th, the XMR retains bouncing off, typically buying and selling at 45.38 USD.

On D1 of the Monero, the final declining impulse has reached the help degree of the descending channel. After a check of the help line, the quotations have began a bounce for a correction. By now, the pullback has reached 23.6% Fibo and is heading for 38.2% (52.98 USD) and (61.28 USD). Nonetheless, it ought to be clear that the primary descending state of affairs just isn’t over but. That is confirmed by the MACD strains. After the pullback is over, we could anticipate a brand new wave of decline to the present low of 26.10 USD, and after it’s damaged out – to the psychologically essential low at 5.00 USD.

On H4 of XMR/USD, the correctional section could also be seen in additional element. It’s growing as a constant ascending channel. The help is at 38.19 USD, the resistance is at 54.00 USD. The tip of the correction will probably be signaled by a breakout of the help degree and simultaneous forming of a Black Cross on the Stochastic.

Monero (XMR) price analysis chart

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