XMR (Kraken Exchange) has been playing in the channel of $42-$46.70, since January 10th. We are currently at a key support to take notice for the uptrend back to the $47 dollar range. The horizontal support and resistance lines are also key areas for a probable breakout of price. A break below $42 or a break above $47.16 will definitely increase probability for an entrance in the direction of the breakout.
In the meantime, a signal for divergence on the RSI and a break upwards for the SMII will give an opportunity to enter a long position. The target will be to the upside of the channel, with a stop loss around $41.95.
The price action looks to be holding at $43, but it does not look too strong. Thus, it may drop further before the bounce. A close eye on these key levels and indicators will provide a direction in the next 24 hours.
Please like, share and comment if you enjoy my analysis. I certainly appreciate your feedback and positive vibes. Happy Trading :0)
This analysis is only for perspective and in no way advice for selling or buying, only my perspective for analysis in the future. Please enjoy!
In the meantime, a signal for divergence on the RSI and a break upwards for the SMII will give an opportunity to enter a long position. The target will be to the upside of the channel, with a stop loss around $41.95.
The price action looks to be holding at $43, but it does not look too strong. Thus, it may drop further before the bounce. A close eye on these key levels and indicators will provide a direction in the next 24 hours.
Please like, share and comment if you enjoy my analysis. I certainly appreciate your feedback and positive vibes. Happy Trading :0)
This analysis is only for perspective and in no way advice for selling or buying, only my perspective for analysis in the future. Please enjoy!