Monero (XMRUSD) price resumed its decline in its latest intraday trading, continuing its attempts to gain positive momentum that could help it recover and move higher again. The price is currently resting on the support of its 50-day SMA, while being affected by its earlier breakout from a descending price channel that had limited its short-term movements. This comes as positive signals begin to emerge from the Stochastic indicator after reaching deeply oversold levels.

Therefore we expect the cryptocurrency price to rise during its upcoming intraday trading sessions, as long as support at $320.00 remains intact, targeting the resistance level at $347.50.

Todays price forecast: Bullish