The Gann fan line and psychological level 60.00 have been rejected

April 13, 2020 Editor Monero 0

  • Monero is trading just over 1% higher as most other cryptocurrencies remain negative.
  • The price has rejected a key Gann level which matched the 60.00 psychological zone.

XMR/USD 4-hour chart

Monero is having another positive session despite stalling at the psychological 60.00 level. The chart is still a bullish one with the pair continuing to make higher lows and higher highs. The 55 and 200 period moving averages have also recently had a bullish cross which is also a positive signal. 

Looking closer at the technicals now, you can see the fan lines hit the price exactly at the same point the price rejected the 60.00 resistance zone. This doesn’t mean the upward trend is over as the lines are still sloping in an upward trajectory. But it could mean if there is a pullback the price could target the next fan line down or just rest on the top side of the channel. The point of these fan lines is to wait for a break. If the one underneath the price breaks the market could retrace up to 50% of the move. Well, that is the theory anyway. They are also a great support and resistance tool so keep an eye on some of the levels.

Additional levels