XMR Price Analysis – August 25
Monero started with the downtrend since August 21. As of today, the fall continues to increase gradually after each hour.
Resistance levels: $100, $105, $110
Support levels: $75, $70, $65
Today, the loss in the Monero price is heart-breaking. Traders are disappointed by such falls while the investors who deal with Monero (XMR) need to be aware of the price movement of the coin. More so, the crypto has a volatile momentum and we may need hope that the coin may recover in the next few days. Yesterday, the coin made an attempt to climb higher and touched $95.06.
What to Expect from Monero (XMR)
As the market opens today, the coin started following the downward trend below the 9-day and 21-day moving averages, However, as the indicator indicates, should it move further to break below the channel, it could go down to $75, $70, and $65 which are the next support levels. Furthermore, if the bulls can move the price back above the moving averages, they may likely push the price towards the resistance levels of $100, $105, and $110 but for now, the RSI (14) indicator move towards the 45-level as the bearish movement may last long.
XMR/BTC Market: Consolidating to the Downside
Against Bitcoin, the pair has been moving in sideways within the ascending channel for the past few days now. Currently, the price is trading within the 9-day and 21-day moving averages. More so, as the bears introduce more pressure into the market, XMR/BTC may likely touch the critical support at 7200 SAT and below.
However, looking at the chart, the RSI (14) indicator shows that the market is still following the downward movement. Meanwhile, the bulls will need to halt the price and push it towards the north. Once this is done, there might be a bull-run towards the next resistance levels which may likely take it to 8500 SAT and above.