XMR Price Analysis – November 19
Monero (XMR) bears were fuelled by the bulls’ failure to break above the $126 resistance level.
Resistance levels: $130, $140, $150
Support levels: $110, $100, $090
XMR/USD is seen plunging massively from highs above $126 to support at $118. There was a struggle for recovery above $131 yesterday; but today, the price stepped below the 9-day and 21-day moving averages in addition to the technical RSI (14).
Where is XMR Price Going Next?
Currently, XMR/USD is exchanging hands at $117.58. As the momentum’s steam cools off at this level, a reaction to a double-top pattern is expected. The retracement could retest $115 before confirming the reversal. Moreover, technical analysis suggests a downward trend as the next course of direction for the price. The support levels to watch out for are $110, $100, and $090 while the resistance levels are $130, $110, and $155 respectively.
XMR/BTC Market: Consolidating to the Downside
Against Bitcoin, the Monero price is changing hands at 6631 SAT and it is currently trading at the downside of the channel below the 9-day and 21-day moving averages. The technical indicator suggests that the price may break down as it could cross below the lower boundary of the channel. The nearest support levels are located at 5300 SAT and below.
Meanwhile, if the buyers hold the price and push it above the moving averages, the next resistance level is located at 7600 SAT and any further bullish movement may lead to additional resistance levels at 8000 SAT and 8500 SAT. The trading volume has significantly increased as the signal line of RSI (14) moves within the negative side.