XMR Price Analysis – September 23
Monero started with the downtrend from the beginning of the day. The fall continued to increase gradually after each hour.
Resistance levels: $85, $90, $95
Support levels: $60, $55, $50
The loss in the price is heart-breaking. Traders are disappointed by such a fall. Traders who deal in XMR need to be aware of the price movement of the coin. The currency has a volatile momentum and we still hope the coin will recover in the next few days. Yesterday, the coin represented a maximum of $74.61 and a minimum of $70.80.
Meanwhile, as the market opens today, the coin started following the downward trend as the price trades below the moving averages of 9-day and 21-day, However, should it try to break down the channel, it could go down to $60, $55 and $50 which are the next support levels. Furthermore, as the indicator indicates, the buyers may likely step back into the market to push the price towards the resistance levels of $85, $90 and $95 as the stochastic RSI indicator moves into the oversold territory and the bearish movement may not last long.
Comparing with Bitcoin, the pair has been moving in sideways for some time now. Currently, the price is trading below the 9-day and 21-day EMAs. More so, as the bears introduce more pressure into the market, XMR/BTC may likely hit the nearest support at 0.006BTC and below.
However, looking at the chart, the stochastic indicator shows that the market will soon enter the oversold area and this may cause the bulls to step back into the market. Once this is down, there might be a bull-run towards the next resistance levels which may likely take it to 0.008 BTC and above.
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