XMR Price Analysis – January 14
Monero keeps the intraday gains as bulls retreat. XMR/USD explores higher levels towards $61 from $56 primary support.
Resistance levels: $66, $68, $70
Support levels: $52, $50, $48
XMR/USD is green in the middle of the sideways movement. The cryptocurrency market corrects itself like Bitcoin, which exceeded $8,500. Monero made a slight increase in the opening price from $57.66 to a peak of $61.80 with a gain of 5.21%. XMR/USD is currently hovering at $60.72, moving above 9-day and 21-day MAs. It is one of the few digital currencies that keep intraday gains at the time of writing.
Looking at the chart, the immediate resistance is $62, which may allow a new retest at $58. A correction above the channel will pave the way for gains in resistance levels of $66, $68 and $70. On the downside, immediate support is $56. It is important to note that $54 is a key level of support, while the main support levels are $52, $50 and $48.
The stochastic RSI is still within the overbought zone while the 9-day MA is above the 21-day MA, suggesting more bullish signals may come to play.
Comparing with BTC, the market price remained and trading within the channel for a while now, currently trading at 7195 SAT and expecting a break out above the 9-Day moving average. Looking at the chart, if the coin can make a cross above the 9-day moving average, the bulls may end up dominating the market.
However, if the market drops, the next key supports may likely be at 6700 SAT and below. On the bullish side, a possible rise could push the market to the resistance levels of 7600 SAT and 7800 SAT. According to the daily stochastic RSI, the market may face a downward trend as the signal line moves around 60-level, which could trigger a sell on the market soon.
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