XMR Price Analysis – July 20
Monero keeps the intraday gains as bulls retreat. XMR/USD explores higher levels towards $72 from $68 primary support.
Resistance levels: $75, $77, $79
Support levels: $66, $64, $62
Looking at the daily chart, XMR/USD is green in the middle of the upward movement. The cryptocurrency market corrects itself like Bitcoin, which exceeded $9,300. Monero made a slight increase in the opening price from $68.95 to a peak of $72.58 with a gain of 2.25%. XMR/USD is currently hovering at $70.93, moving above 9-day and 21-day moving averages.
Looking at the chart, the immediate resistance is $73, which may allow a new retest at $74. A correction above this level will pave the way for gains in resistance levels of $75, $77, and $79 as the RSI (14) moves above 60-level. On the downside, immediate support is $68. It is important to note that $67 is a key level of support, while the main support levels are $66, $64, and $62.
Comparing with BTC, the market price remained and trading within the channel for a while now, currently trading at 7522 SAT and expecting a break out above the upper boundary of the channel. If the coin can make a cross above this barrier, the bulls may end up dominating the market.
However, if the market drops, the next key supports may likely be at 7200 SAT and below. On the bullish side, a possible rise could push the market to the resistance levels of 7900 SAT and above. According to the daily stochastic RSI, the market may face a downward trend if the signal line moves below 50-level, which could trigger a sell on the market soon.