XMR Price Analysis – June 1
Monero keeps the intraday gains as bulls retreat. XMR/USD explores higher levels towards $67 from $62 primary support.
Resistance levels: $76, $78, $80
Support levels: $56, $54, $52
Looking at the daily chart, the Monero (XMR) is green in the middle of the sideways movement. The cryptocurrency market corrects itself like Bitcoin, which exceeded $9,500. Monero made a slight increase in the opening price from $64.46 to a peak of $67.42 with a gain of 2.63%. XMR/USD is currently hovering at $66.64, moving above 9-day and 21-day moving averages.
Looking at the chart, the immediate resistance is $70, which may allow a new retest at $72. A correction above this level will pave the way for gains in resistance levels of $76, $78 and $80 as the RSI (14) moves above 55-level. On the downside, immediate support is $60. It is important to note that $58 is a key level of support, while the main support levels are $56, $54, and $52.
Comparing with BTC, the market price remained and trading within the channel for a while now, currently trading at 6894 SAT and expecting a break out above the 9-day and 21-day moving averages. Looking at the chart, if the coin can make a cross above the moving averages, the bulls may end up dominating the market.
However, if the market drops, the next key supports may likely be at 6400 SAT and below. On the bullish side, a possible rise could push the market to the resistance levels of 7400 SAT and 7600 SAT. According to the daily RSI (14), the market may face a downward trend as the signal line moves below 50-level, which could trigger a sell on the market soon.
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