Monero Price Analysis – June 23
After some bearish signals, following a decent rise today, the Monero price now appears to be resuming a bullish movement.
Resistance levels: $265, $285, $305
Support levels: $150, $130, $110
XMR/USD is seen dropping from the daily high of $230 to trade at $214 at the time of writing this report. The bulls had taken the price up towards the upper boundary of the channel before the market experiences a reversal and drags it down to where it is currently trading at $214. A few days ago, the bears took control of the market by dragging the price down, where it found support at the $176 level.
Monero Price Analysis: Where is Monero Price Going Next?
According to the daily chart, the Monero price now appears to be resuming a bullish run according to the technical indicator. The next resistance level may surface at $235 and then may locate potential resistance levels above the upper boundary of the channel at $265, $285, and $305 respectively if the bull-run later becomes huge. Meanwhile, the Relative Strength Index (14) indicates that bulls may step back into the market as the signal line moves to cross above 40-level.
However, due to the sharp downward movement in the past few weeks, the Monero price is seriously struggling to break out of the dominant bearish movement, especially the channel’s boundary. In case of a breakdown below the lower boundary of the channel, the key support levels remain at $150, $130, and $110 respectively.
XMR/BTC Market: Consolidating Below the Moving Averages
When compares with Bitcoin, the Monero price is hovering at 6488 SAT as it remains below the 9-day and 21-day moving averages. More so, the technical indicator suggests that the price may break into an uptrend as the signal line crosses above 40-level. The potential resistance level is located at 7400 SAT and above.
Meanwhile, if the sellers drag the price below the lower boundary of the channel, the next support level could be at 5600 SAT and any further bearish movement below this level may lead to additional support at 5400 SAT and below. However, the trading volume is coming up, suggesting additional bullish signals.