Monero Price Analysis – June 11
Despite all indications for positive moves, the Monero price continues to follow the sideways movement and the coin is now looking around for a surge above the moving averages.
Resistance levels: $350, $400, $450
Support levels: $150, $100, $050
XMR/USD pair continues to maintain a downward trend within the channel. The coin has been moving sideways since a few weeks ago, and couldn’t break out or break down. Currently, the Monero price is down by 0.21% and it may keep trading below the 9-day and 21-day moving averages as long as the selling pressure remains on the market. Similarly, the technical indicator Relative Strength Index (14) stays around 44-level, pushing the market price towards the east.
Monero Price Analysis: Would Monero Price Break Higher?
According to the daily chart, if the bulls could push the Monero price above the 9-day and 21-day moving averages; it is very likely for the coin to reach the resistance levels of $350, $400, and $450 to maintain the uptrend. On the contrary, XMR/USD is close to short-term support at $220. A significant drop below the lower boundary of the channel may result in new technical supports at $150, $100, and $050.
XMR/BTC Market: Price May See a Further Downside
When compares with Bitcoin, the Monero price is seen hovering below the 9-day and 21-day moving averages within the channel where the price is expected to touch the nearest support at 6800 SAT. Alternatively, if the bulls push the price above the 9-day and 21-day MAs, then, XMR/BTC may experience an uptrend that could touch the potential resistance level of 8300 SAT and above.
On the other hand, if the XMR price crosses down the lower boundary of the channel to hit the critical support levels, the coin is expected to reach the support at 5500 SAT and below. But as confirmed by the technical indicator Relative Strength Index (14), the Monero market may experience a downward movement as the signal line crosses below 45-level.