XMR Price Analysis – November 28
Monero (XMR) has cleared resistance above $51; a stable move above $55 is a must to sustain the bull-run.
Resistance levels: $62, $64, $66
Support levels: $50, $48, $46
Monero has recently struck a major price jump as the technical indicator appears bullish; stochastic RSI moves above 40. The coin is still carrying a selling pressure. Monero (XMR) has just formed a few correcting candles after hitting the price point above $50. The price soared as BTC recovered the $7,000 mark after falling below the key support level of $7,000.
At the moment, the coin has started giving a bearish candle as the price trades below the 21-day moving average but well above the 9-day moving average. More so, a further drop could get to $50, $48 and $46 which are the next support levels. Furthermore, the stochastic RSI indicator shows that the buyers may likely continue the upward movement by pushing the price above the upper boundary of the channel and towards the resistance levels of $62, $64 and $66.
Against Bitcoin, the market price remained in an uptrend movement, trading at the upper boundary of the channel, currently hovering around 7426 SAT and still expecting to move higher as the trading volume is coming up too. Looking at the chart, we can see that the bulls are ready to dominate the market.
In other words, if the market begins to drop, the next key supports may likely be at 7100 SAT and below but on the bullish side, a possible continuous rise could take the market to the resistance levels of 7700 SAT and above. According to the RSI (14) indicator, the market is favoring the buyers at the moment as the signal lines above 60 level.
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