XMR Price Analysis – November 20
Monero started with the downtrend since November 15. As of today, the fall continued to increase gradually after each day.
Resistance levels: $62, $64, $66
Support levels: $54, $52, $50
The loss in the Monero price is heart-breaking. Traders are disappointed by such falls. The investors who deal with 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 made an attempt to climb higher but due to volatility, the coin still ended in the green.
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, as the indicator indicates, should it move further to break below the channel, it could go down to $54, $52 and $50 which are the next support levels. Furthermore, if the bulls can hold the price, they may likely step back into the market to push the price towards the resistance levels of $62, $64 and $66 but for now, the RSI (14) indicator move towards the 40-level but the bearish movement may not last long.
Comparing with Bitcoin, the pair has been moving in sideways within the ascending channel for the past few days now. Currently, the price is trading within the 9-day and 21-day moving averages. More so, as the bears introduce more pressure into the market, XMR/BTC may likely reach the critical support at 6700 SAT and below.
However, looking at the chart, the RSI (14) indicator shows that the market is still following the downward movement. Therefore the bulls will need to halt the price and push it towards the north. Once this is done, there might be a bull-run towards the next resistance levels which may likely take it to 7600 SAT and above.
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