XMR Price Analysis – January 2
Monero (XMR) bears were fuelled by the bulls’ failure to break above $47 resistance level.
Resistance levels: $51, $53, $55
Support levels: $40, $38, $36
XMR/USD like most of the cryptocurrencies succumbed to selling pressure this week. Monero (XMR) plunged massively from highs above $46.46 to support at $43.90. There was a struggle for recovery above $45 on Wednesday; but today, the price stepped below the 9-day moving average in addition to the stochastic RSI holding position above 80. Further correction north stepped above $46 but losses fell short of $45.
At press time, XMR/USD is exchanging hands at $45.01. As the momentum’s steam cools off at this level, reaction to a double-top pattern is expected. The retracement could retest $43 before confirming the reversal towards $48. Moreover, technical analysis suggests a downward trend as the next course of direction for the price. The support levels to watch out for are $40, $38 and $36 while the resistance levels are $51, $53 and $55 respectively.
Since the beginning of this month and after a slight decline in XMR/BTC last month, the daily chart shows that the XMR has managed to exit the bearish trend line today, but the price is currently moving from 6355 SAT to 6495 SAT. The market price has not yet reached the 21-day moving average but it’s still moving in an uptrend direction, buyers are getting ready to take over.
However, if the market drops, the next key support may likely be at 6100 SAT and below. On the bullish side, a continuation bullish movement could take the market to the resistance level of 6800 SAT and above. According to the RSI (14) indicator, the market is favoring the buyers at the moment as the signal line moves in an upward trend.
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