currency (CRYPTO: XMR) on Wednesday over 60% out of sympathy with. sold out Bitcoin (CRYPTO: BTC) following an announcement by the Chinese government regarding its plan to crack down on Bitcoin mining and trading.
On Thursday and Friday, Monero saw a big rebound, rising nearly 150% from its Wednesday low of $ 136.35 to $ 338.79 before declining slightly.
See also: Bitcoin, Ethereum Chart Big rebound, but these cryptos are making the biggest gains
The Monero diagram: On Friday, Monero consolidated between the support near $ 250 and the resistance near $ 300.
After briefly regaining the 8-day exponential moving average on Friday morning, Monero lost it as support when Bitcoin collapsed.
Monero is also trading below the 21-day EMA, with the 8-day EMA trending below the 21-day EMA, both bearish indicators.
Monero is trading above the simple 200-day moving average, which suggests that general sentiment in the cryptocurrency is bullish.
The large volume of trading over the past three days caused the price of Monero to fluctuate sharply, and when its Relative Strength Index fell to 27% on Wednesday it corrected quickly to bring its RSI back above 30%.
Bulls want bullish volume to push Monero back above its resistance level at $ 303.09. If Monero can reclaim this level as support, it has scope to move towards the $ 338 mark.
Bears want declining volume to push Monero back down to the $ 250 level. If Monero couldn’t hold this level as support, it could fall towards $ 217.25 before potentially bouncing again.
XMR price promotion: Monero was trading 3.84% higher at $ 255.06 on the last review.
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