- Monero buyers are facing an uphill task breaking the resistance at $70 (range limit).
- XRM/USD could be stuck in the range between $70 and $60 much longer according to the technical picture.
Monero is among the few if not the only cryptocurrency in the green during the Asian session on Wednesday. Consolidation has become the domineering trend this week. Cryptoassets, led by the largest trading pair BTC/USD are dealing with choppy markets. Interestingly, XMR/USD is in the green in spite of the choppy markets after correcting higher by over 0.45% on the day.
In the meantime, Monero is dancing at $63. Its immediate upside is capped by the 50-day SMA. Glancing farther up, the rectangular resistance at $70 continues to stand its ground. Attempts made to overcome the seller congestions zone have gone unrewarded and instead, have ended up in losses towards the range support at $60.
Looking at the technical levels, Monero is likely to push the consolidation within the range a while longer. The RSI, for example, is motionless at 48. The same goes for the MACD, currently holding the ground at the midline (0.00).
In addition, XMR/USD is trading between the 50-day SMA resistance and the 200-day SMA support. For now, support at $60 must be defended at all costs to ensure that possible losses to $50 are averted. On the flip side, gains above the 50-day SMA and the range resistance at $70 could place BTC/USD in a trajectory towards $100.
XMR/USD daily chart