XMR Price Analysis – June 3
With the market losing more than 2% of its value, bears took over the XMR/USD today following yesterdays’ bullish. The bears have accumulated enough momentum to draw a bearish pattern, which means that the price will probably go down even more if the bull allows it.
Resistance levels: $120, $125, $130
Support levels: $64, $59, $54
Looking at the chart, XMR/USD is dropping from $96.87 to $93.88 as at today and may fall further; this may not allow the price to hit the resistance level at $120 and $130 respectively. The bears are still controlling the market after a Sunday that raised the price from $92 to $95.
In case the bulls do not meet to protect the support level at $64, the price could go down to $59 and $54 which are the next levels. However, as the indicator indicates, provided the buyers failed to allow the price to trade below the 21-day MA with the stochastic indicator signal line not too far from level 80, the bearish movement may not last long.
After a slight decline in XMR/BTC two days ago, the daily chart shows that the XMR has managed to exit the bearish trend line today, but is currently moving sideways. The market price has not yet crossed the 21-day MA orange line and the 9-day EMA blue line. If it left the symmetrical chart and tended to increase, buyers would be ready to take over.
The stochastic indicator on the daily chart shows that the market could continue moving laterally for some time before taking its uptrend to probably reach the level of supply at 0.012 BTC. Once the pattern of the symmetric chart breaks, the upward trend resumes, otherwise, sellers should prepare for a slight decrease.
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