$250 to Offer Support into the Weekend

Monero price is on range-bound trading, a trend observable in other cryptocurrencies. Bitcoin – the leading crypto by market capitalization – has been trading between 45,500 and 47,395 for three sessions in a row. Altcoins like Dogecoin and Cardano have also exhibited a similar trend.

As the market enters the weekend, Monero price will likely record curbed gains as fear remains the key emotion driving the crypto sector. At a reading of 46, the crypto fear and greed index remains on the fear end of the spectrum. In comparison, it was on extreme greed of 79 on Tuesday. Even with the heightened volatility, the altcoin may remain steadily above the support level of $250.   

Monero price technical analysis

XMR has been on range-bound trading since its plunge on Tuesday. For the third session in a row, it is trading within a horizontal channel of between 251.66 and 268.46. At the time of writing, it was up by 1.86% at 266.62.

On a two-hour chart, Monero price is hovering around the 25-day EMA at 265.86. Besides, it is trading below the 50-day EMA.

In the near term, it will likely find resistance along the horizontal channel’s upper border at 268.46. A bullish breakout will have the next resistance at 273.97. Nonetheless, this thesis will be invalidated by a move below the horizontal channel’s lower border at 251.66.

Monero price
Monero price