XMR Price Analysis – July 11
The Monero (XMR) keeps the intraday gains as bulls retreat. XMR/USD explores higher levels above $70.
Resistance levels: $72, $74, $76
Support levels: $64, $62, $60
XMR/USD moves in green as the market is seen following the upward movement today. Monero made a slight increase in the opening price from $67.13 after dropping to $66.45 to a peak of $70.07 with a gain of 1.11%. XMR/USD is currently hovering at $67.96, trading above 9-day and 21-day moving averages. It is one of the few digital currencies that keep intraday gains at the time of writing.
Looking at the daily chart, a correction above the channel could pave the way for gains in resistance levels of $72, $74, and $76. On the downside, immediate support is $66. It is important to note that $65 is a key level of support, while the main support levels are $64, $62, and $60, but the stochastic RSI is already at the overbought zone, indicating an upward trend.
Against Bitcoin, the market price follows the uptrend and touches the high 7522 SAT today. The coin is currently trading at 7355 SAT within the ascending channel. The daily chart reveals that if the coin moves below the 9-day and 21-day moving averages, the bears may step back into the market.
Moreover, if the market price drops further, the next key supports may be at 7000 SAT and below. On the bullish side, a continuous rise above the channel could push the coin to the resistance levels of 7700 SAT and 7800 SAT. According to the daily chart, the stochastic RSI faces the overbought zone as the signal line is about to cross above 80-level, which could give more bullish signals.