Monero (XMR)’s price seems to be in the bullish trend zone these days, within the range-bound levels of $40 and $55, according to crypto analysts.
Back on January 10, the bears have broken below the 12-day EMA, the 26-day EMA and the coins fell into the bearish trend zone.
XMR, in a bearish zone
Then, on February 8, the bulls managed to break above the EMAs, and the privacy-oriented coin fell in a bullish trend.
While it was in the bearish trend, XMR traded below the EMAs, according to the latest analysis coming from CryptoGlobe.
The online crypto publication writes that “Whereas in the bullish trend zone, the crypto’s price is expected to trade above the EMAs and price is likely to rise. On February 8, the crypto’s price reached a high of $48.95. Later the crypto’s price reached another high of $55.57 and was resisted.”
They continue and reports that XMR’s price is in the bullish trend zone and it’s currently facing resistance at the $50 price level.
All of this shows that XMR is currently in a bearish zone and we’re looking at a sell signal.
Use XMR as a currency, not an investment
In other news, one of Forbes’ most recent articles presents Monero’s Riccardo Spagni’s views on XMR.