XMR Price Analysis – August 12
The immediate resistance on the daily chart above is $89, which may be broken up to allow a new retest at $95. An increase in the bullish pressure above this level may give way for gains in resistance levels of $89 – $100,
Resistance levels: $89, $95, $100
Support levels: $83, $77, $70
The daily chart above shows clearly that, XMR/USD has been under the control of the bulls. The cryptocurrency topped at a resistance level of $95, it consolidates for three days. On August 11, a strong and massive bearish candle formed that engulfs the previous day candle. The market dropped to the demand level of $83 after penetrating $89 level. It is currently carrying out a pullback to retest $89 price level.
The immediate resistance on the daily chart above is $89, which may be broken up to allow a new retest at $95. An increase in the bullish pressure above this level may give way for gains in resistance levels of $89, $95, and $100 as the RSI (14) moves above 50-level. On the downside, the immediate support level is $83. Moreover, it is important to note that $77 is a key level of support followed by $70. Buy limit order may be placed at $87.306, Take profit at $93.661 and Stop at $82.656.
When comparing XMR with BTC, the market price is bullish and it remained its trading within the ascending channel. The crypto is currently trading near the 7486 SAT and expecting a break out below the lower boundary of the channel. In case the coin can make a cross below this barrier, the bears may end up dominating the market.
However, should the price drop, the next key supports may likely be at 7486, and $7213 SAT. On the other side, a possible rise could push the price to the resistance levels of 8190 SAT, 8533 SAT, and 8865 SAT. Considering the daily RSI period 14, the market may face an upward trend should the signal line moves above 50-level, which could lead to a bullish trend continuation.