Monero [XMR/USD] Technical Analysis: Bulls and bears to clash for market dominance
Monero [XMR], the tenth-biggest cryptocurrency in the market, has been sprinkling hope like fairy dust in the market along with all the major altcoins such as Ethereum [ETH], XRP, and Bitcoin Cash [BCH]. The coin had joined all the coins for a small bull run earlier this month.
According to CoinMarketCap, at press time, the coin was trading $106.54, with a market cap of over $1 billion. The cryptocurrency had a trading volume of more than $11 million and had tanked 1.04% in the past 24 hours.
In the one-hour chart, Monero saw a downward trend from $111.83 to $107.90. The cryptocurrency pictured an upward trend from $106.32 to $106.41. There was a strong resistance for the coin at $114.34 and an immediate resistance at $106.32.
If attacked by the bear, the cryptocurrency has an immediate support at $106.32. If this were to be broken, it has a strong support at $104.84 level.
The Chaikin Money Flow showed that the money…
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