XMR Price Analysis – May 22
Monero (XMR) price has traded above $60 today after it dipped below $59 yesterday.
Resistance levels: $70, $75, $80
Support levels: $55, $50, $45
XMR/USD is facing resistance above $61 right now; a steady uptrend above $63 is a must for a full recovery. Monero price was firmly above $63 till the day before yesterday, and the coin is now busy recovering its decline of more than 2.62%. The price plunge is no surprise to the crypto community as the market has entered a slump phase, which apparently won’t last long.
Moreover, as suggested by the daily stochastic RSI, a potential fall could hit the next key support at $55 level, trading below the 9-day and 21-day moving averages. If the rally continues downward, the XMR/USD could make a bottom at $50 and $45 respectively. A long position, however, may possibly shoot a price at $70, $75, and $80 resistance levels.
Against Bitcoin, the coin is still showing some promising signs and it could continue to make higher highs in as much as they are still above the 9-day and 21-day moving averages. Similarly, the nearest resistance level to reach is 7000 SAT, above this, higher resistance lies at 7300 SAT and 7500 SAT.
Meanwhile, if the sellers hold the price and push it beneath the current price of 6873 SAT, the next level of support is located at 6600 SAT and more support is found at 6400 SAT and 6200 SAT. The trading volume has significantly increased while the stochastic RSI is within the overbought zone, suggesting more bullish signals.
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.