XMR Price Analysis – December 21
The XMR bears took over the market after the bullish movement that occurred a few days ago, the price of Monero begins a downward movement.
Resistance levels: $50, $52, $54
Support levels: $40, $38, $36
As of today, XMR/USD has been dropping from $46.67 to $44.78 and may drop further if it breaks down the lower boundary of the descending and the price may remain under the 9-day and 21-day MA. More so, this may not allow the price to hit the potential resistance levels at $50, $52 and $54 respectively.
Meanwhile, in case the bulls do not meet to protect the support level at $44, the price could go down to $40, $38 and $36 which are the next support levels. However, as the indicator indicates, the RSI (14) indicator signal line is not too far from the oversold zone, meaning that the bearish movement may not last long.
Against Bitcoin, the pair has been following the downward trend for some time now. Currently, the price is trading at the lower boundary of the descending channel. So if the bears continue to pump more pressure into the market, XMR/BTC may likely hit the critical supports at 0.0059 BTC and below.
However, the RSI (14) indicator shows that the market may plunge more as the signal line moves into the oversold zone and this could cause more harm to the bulls. In other words, a reversal might come to play if the key support of 0.0064 BTC could hold the price and there might be a bull-run towards the next resistance levels of 0.0068 BTC and above.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.