XMR/USD explodes further, trading in the green in the middle of the sideways movement. The entire crypto market corrects itself while Monero makes a slight increase in the opening price from $55 to $58 which marks a gain of 4.01%. XMR/USD is hovering around $58 and is moving above the 9-day MAs. Monero is trying to keep the intraday gains at the time of writing as we are reading further in the Monero news.
Looking at the charts, the immediate resistance is standing at $64 which could allow a new retest of $68 price level. The correction above the channel could make way for gains in resistance levels of $70 and $72. Looking at the downsides, the immediate support is at $54 but it is important to know that the $50 is a key level of support while the main support levels are $46, $44 and $42. The Relative strength index (RSI) is moving above the 58-level while the 9-day MA is standing above the 21-day MA. This suggests that there are more bullish signs that will come.
Comparing the XMR/USD pair with BTC, the market price remained trading within the ascending channel for quite some time and is standing at 8085 SAT. the price is expected to break out above the channel and if the coin manages to cross above the channel, the bulls could end up dominating the market. If the market drops, the key support will likely stand at 7500 SAT or below.
In the previous weeks, the lower high waves of XMR were marked with two rectangles and the wave low was broken, marking the horizontal lines. The pattern suggests that the XMR price will fall further. In terms of the target, the $50.00 level seems to be the next support as the buyers stepped ahead of the level just a few days ago.
Looking at the bullish side of things, the possible rise could push the market to an 8600 SAT resistance level. According to the daily RSI, the market could continue the uptrend as the signal line moves above the 60-level which will boost the price will more bullish signals. Monero is holding on to the intraday gains as the bulls retreat while XMR/USD explodes higher towards $61 from the $56 primary support.
The key levels for XMR are:
Resistance levels: $70, $72, $74
Support levels: $46, $44, $42
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post