XMR Price Analysis – January 29
Monero keeps the intraday gains as bulls retreat. The coin has gained about 3.49% within 24 hours.
Resistance levels: $78, $80, $82
Support levels: $60, $58, $56
XMR/USD is trading in green within the ascending channel. The cryptocurrency market corrects itself after the huge gains made on January 15 during Asian hours. Like other few altcoins, Monero made a slight increase in the opening price from $67.78 to a peak at $70.89 before reversing to $70.23. More so, Monero (XMR) is one of the few digital currencies that keep intraday gains.
At the time of writing, Monero is hovering at $70.23 after gaining about 3.49%. Looking north, a correction above the channel will pave the way for gains in resistance levels of $78, $80 and $82. On the downside, immediate support is $65. It is important to note that $62 is a key level of support, while the main support levels are $60, $58 and $56, but the RSI (14) is already at the entrance of overbought zone, indicating an upward trend.
Against Bitcoin, the pair has been moving in sideways within the channel for the past few weeks now. At the moment, the price is trading around 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 potential resistance at 7900 SAT and above.
However, looking at the chart, the stochastic RSI indicator shows that the market is still following the downward movement as the signal lines are within the oversold zone. Therefore, if the price drops below the moving averages, there might be a sell-off towards the next support levels which may likely bring the market price to 6900 SAT and below.
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