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Cryptocurrency

XMR/BTC Trades Above $140 Resistance

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The Monero price prediction reveals that XMR remains above the 9-day moving average to continue the bullish movement.

Monero Prediction Statistics Data:

  • Monero price now – $141.1
  • Monero market cap – $2.56 billion
  • Monero circulating supply – 18.2 million
  • Monero total supply – 18.2 million
  • Monero Coinmarketcap ranking – #24

XMR/USD Market

Key Levels:

Resistance levels: $165, $175, $185

Support levels: $120, $110, $100

XMR/USD is currently trading at $141.1 after the price dropped off earlier today and consolidating within the channel. However, the Monero price will have to focus on the bullish movement to guide against the downward pressure in the market as the closest support expects the coin at $135, which could be the daily low.

Monero Price Prediction: XMR/USD May Move Upward

The Monero price regains back above the 9-day and 21-day moving averages because the movement towards the south could push the coin to the support levels of $120, $110, and $100. However, XMR/USD is trading at $141.1 and still trading above the moving averages. Trading bullishly, a sustained move above the 21-day MA to face the upper boundary of the channel could create more strength for the bulls with the focus to move the market to the next resistance levels of $165, $175, and $185 respectively.

At the moment, the technical indicator Relative Strength Index (14) moves to cross above the 60-level, which indicates that the market could follow the upward movement. Looking at the daily chart, there may be a need for support to be formed around $135 to provide tight protection which could allow the buyers to concentrate on stirring action to the north.

When compares with Bitcoin, the Monero price is sliding below the 9-day moving average as the sellers aim to bring the price to the downside and could fall towards the lower boundary of the channel, while the technical indicator Relative Strength Index (14) moves to cross below the 60-level.

 

However, if the bulls succeeded in breaking above the upper boundary of the channel, the XMR price may hit the potential resistance level at 9000 SAT and above. On the contrary, the continuation of the bearish movement could bring the price to the support level of 7700 SAT and below.

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See the latest Monero price prediction on CoinCodex.

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