Monero (XMR) Price Analysis – March 30
Ranked thirteenth, Monero market is up by 2% in the last seven days of trading. Following a Head and Shoulder pattern, the token is likely to fall significantly as the neckline remains a rejection level for the buyers. As of now, XMR is now trading at $53 price level.
Resistance levels: $56, $60, $65
Support levels: $53, $51, $49
In early March, Monero followed a bullish momentum from a low of $47; respecting the green trend line. After the late February sharp sell-off, which advanced to a high of $56; attempting to retest the previous high sends the token to a bearish condition. The 4-hours RSI trends side-way; revealed an indecisive market.
Over a week now, Monero has actually been maintaining a bearish Head & Shoulder (H&S) pattern which is likely to witness a surge on the neckline soon. The immediate resistance level is $56. Breaching the minor resistance could propel price to $60 and $65. As of now, the 4-hours Stochastic RSI aims the oversold line.
A downward move, however, is likely to find quick support at $53, testing the right shoulder level. Crossing down the above support should send the price to test $51 and $49.
Against Bitcoin, an inverse Head and Shoulders pattern is carved for Monero after the early March rise, which saw a high of 0.0134 BTC before the declining since last week. The slope move is revealed on the 4-hours RSI indicator as it hovers between the 50 line.
Looking at the H&S pattern the neckline has been a rejection level for the buyers since the bullish formation. If XMR manages to breach up the neckline, the bullish momentum might resume and the next key target lies at the drop level 0.0135 resistance and beyond.
However, a further strong rejection at the neckline is likely to position the token in a bearish condition. The closest support level to look for is 0.01295 BTC. As shown on the 4-hours Stochastic RSI, a downward move is slowly approaching the oversold line.
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