XMR Price Analysis – October 21
Monero keeps the intraday earnings after the bears withdraw. XMR/USD explores higher, moving from $56 support to $65 resistance level.
Resistance levels: $65, $70, $75
Support levels: $50, $45, $40
Monero (XMR) is moving upward after many days of decline. The cryptocurrency market corrects itself after the huge gains made yesterday during Asian hours. Like Bitcoin, which exceeded $8,000 yesterday, Monero made a slight increase in the opening price from $56.43 to a peak at $60.48. Monero is one of the few digital currencies that keep intraday gains.
Currently, XMR/USD is hovering at $59.16 gaining about 4.52% within 24 hours. Looking at the north, the immediate resistance is $61, which may allow a new retest at $62. A correction above the upper boundary of the Bollinger bands will pave the way for gains of $65, $70 and $75 resistance levels.
On the downside, immediate support is $55. It is important to note that $53 is a key level of support, while the main support levels are $50, $45 and $40, but the MACD is bullish while the trading volume is moving high.
Against Bitcoin, the market price remained in an uptrend movement, trading at the upper boundary of Bollinger bands, currently hovering around 7107 SAT and still expecting to move higher as the trading volume rises up too. Looking at the chart, we can see that the bulls are the dominant of the market.
However, if the market drops, the next key supports may likely be at 6000 SAT and below. On the bullish side, a possible rise could bring the market to the resistance levels of 7700 SAT and above. According to the MACD indicator, the market is favoring the buyers at the moment as the signal lines of MACD are about to cross into the positive side.
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