- Cryptocurrencies rebound following the week-long declines.
- Monero price up 3.99% on the day, but $100 resistance is still stubborn.
The crypto market has been drowning in the sea of red since the beginning of the week. The CEO of CEO of Pantera Capital, Dan Morehead while on CNBC advised the investors to stop “overreacting” to the U.S. Security and Exchange Commission (SEC) decision to delay Bitcoin ETF approval or denial to September 30. Other experts like Brian Kelly also said that the date could be postponed further after September 30. He said that that the SEC is probably finding the crypto market not ready for ETFs. The market has however frowned and digital assets, Monero included plunged breaking barriers on the downside and testing long-term critical support areas.
Monero price analysis
Monero declines tested the support at $92.00 before staging a rebound during the Asian trading hours on Thursday. The price made it above $100.00 but failed to sustain the momentum, hence a slide followed but luckily a short-term support was formed at $98.00. XLM/USD is making slight upside corrections but the bears are not willing to let go of the resistance at $100.00.
The 100 simple moving average is offering immediate support at $98.50. Technical indicators on the chart show that a bullish trend is forming. The stochastic on the short-term 15’ chart is currently recovering from the region below 30%. Moreover, the moving average gap is reducing signaling for more buying entries. In the event, the support at $98.00 fails to hold in the short-term, the 50 simple moving average will try to stop declines at $97.50. Other important support areas include $96.00 and the 92.00 on the downside.