XMR Price Analysis – November 3
Monero keeps the intraday gains as bulls retreat. XMR/USD explores higher levels of $65 from $62 primary support.
Resistance levels: $68, $70, $72
Support levels: $56, $54, $52
Monero (XMR) is trading in green within the ascending channel. The cryptocurrency market corrects itself after the huge gains made on November 1 during Asian hours. Like other few altcoins, Monero made a slight increase in the opening price from $58.94 to a peak at $63.46. Monero is one of the few digital currencies that keep intraday gains.
At the time of writing, Monero is now hovering at $63.46 after rising 3.12%. Looking north, the immediate resistance is $65, which may allow a new retest at $61. A correction above the 9-day moving average will pave the way for gains in resistance levels of $68, $70 and $72. On the downside, immediate support is $60. It is important to note that $58 is a key level of support, while the main support levels are $56, $54 and $52, but the RSI (14) is already above the 60-level, indicating an upward trend.
Comparing with Bitcoin, on the daily chart, Monero (XMR) is looking bullish as price rises above the 6708 SAT. Now, the bull appears to be stepping back in the market, and we can expect the price to rise to 7500 SAT and 7800 SAT resistance levels. But as at the time of writing, XRP/BTC is changing hands at 6971 SAT.
Moreover, if the sellers push the price beneath the current 6971 SAT, the next level of support is located at 6400 SAT and more support is found at 6300 SAT and 6100 SAT. The trading volume has significantly increased while the RSI is moving towards level 60, raising the hope of buyers.
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