FxWirePro: Monero (XMR/USD) struggles to close above 20- day MA, good to sell on rallies
Bitcoin is consolidating in narrow range between 6230 and 6647 for past one week. Any break above 6650 confirms minor jump till 7000 level. 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 $109.20 and is currently trading around $94.50.
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 $102 (20- day MA) and any break above confirms minor bullishness. Any violation above targets $112/$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.