XMR Price Analysis – June 25
Monero started with the uptrend from the beginning of the day but now falling below the critical support.
Resistance levels: $70, $72, $74
Support levels: $60, $58, $56
As of today, after touching the daily high at $65.50, XMR/USD is seen dropping to $62.44 and may drop further if it breaks down the previous support within the ascending channel to trade below the 9-day and 21-day moving averages. In other words, any bullish movement may allow the price to hit the resistance levels at $70, $72, and $74 respectively.
Meanwhile, in case the bulls do not meet to protect the support level at $64, the price could go down to $60, $58, and $56 which are the next support levels. However, as the indicator indicates, provided the buyers failed to allow the price to trade above the moving averages, the stochastic RSI indicator signal lines are moving around 36-level, the bearish movement may continue.
Comparing with Bitcoin, on the daily chart, Monero (XMR) is looking bullish as price rises above the 9-day and 21-day moving averages at 7029 SAT. Now, the bull appears to be stepping back in the market, and we can expect the price to rise to 7300 SAT and 7500 SAT resistance levels. But at the time of writing, XMR/BTC is changing hands at 7005 SAT.
Moreover, if the sellers push the price beneath the moving averages, the next level of support is located at 6800 SAT and more support is found at 6700 SAT and 6500 SAT. The trading volume has significantly increased while the stochastic RSI is moving towards the overbought zone, raising the hope of buyers.