XMR Price Analysis – November 9
XMR price is recovering its loss in valuation since yesterday, yet finding it difficult to cross $63 price mark.
Resistance levels: $66, $68, $70
Support levels: $56, $54, $52
Monero (XMR) is facing resistance above $61 right now; a steady uptrend above $63 is a must for a full recovery. Monero price was firmly above $63 till the day before yesterday, and the coin is now busy recovering its decline of more than 5%. The price plunge is no surprise to the crypto community as the market has entered a slump phase, which apparently won’t last long.
Moreover, as suggested by the daily Stochastic RSI, a potential fall could hit the next key support at $56 level, trading below the 9-day and 21-day moving averages. If the rally continues downward, the XMR/USD could make a bottom at $54 and $52 respectively. A long position, however, may possibly shoot a price at $66, $68 and $70 resistance levels.
Comparing with Bitcoin, the price has been following the upward trend since October 27 when the bulls stepped back into the market by halting the downward trend. Moreover, the coin is still showing some promising signs and it could continue to make higher highs in as much as they are still above the 9-day and 21-day moving averages. Similarly, the nearest resistance level to reach is 7400 SAT, above this, higher resistance lies at 7600 SAT and 7800 SAT.
Meanwhile, if the sellers hold the price and push it beneath the current price of 7037 SAT, the next level of support is located at 6400 SAT and more support is found at 6200 SAT and 6000 SAT. The trading volume has significantly increased while the stochastic RSI is above level 80, giving more bullish signals.
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