Monero Price Analysis: XMR/USD bulls bounce back after bears bite

Fibo Quantum

  • The Monero price was seen holding decent gains of some 3% on Tuesday, bulls returning.
  • XMR/USD continues to face difficulties breaking down barriers which are ahead of the $100 mark.

The Monero price was seen holding decent gains on Tuesday, firmly in then green by just over 3%, as the bulls returned, after a down day in the previous session. XMR/USD managed to prop back up after coming under pressure in the back end of Monday’s session.

XMR/USD price action has formed a bullish flag pattern, that has been taking shape since 17th August. It does appear to be subject to a breakout to the upside, inviting much renewed buying pressure.

Technically, the price is currently within consolidation mode, sideways trading, taking shape of this mentioned bull flag pattern. Resistance to the upside is seen at $97.55, this is where the upper trend line of the bull flag is tracking. Support is observed at 93.09 the 50MA on 4-hour chart and then 90.99 lower part of flag.

 

XMR/USD 4-hour chart

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