Monero Price Analysis – January 23
It has been a rough day for Monero (XMR), as the coin is now facing heightened selling pressure.
Resistance levels: $175, $185, $195
Support levels: $120, $110, $100
At the time of writing, XMR/USD is trading at 1.63 % at its current price of $149. During the European session today, Monero (XMR) touches the daily high at $159 as the coin tries to create additional bullish movement. Now, the Monero price is back below the opening price at $151.99 which could mark a notable for the market. Although, the cryptocurrency has been flashing signs of similar weakness since the past few days.
Monero Price Analysis: Monero (XMR) Ready to Fall More
According to the daily chart, the Monero price is heading towards the lower boundary of the channel. On the upside, the price needs to return above $155 to improve the short-term technical picture and resume the recovery so that the next resistance may be created by the intraday high of $160 and psychological $165. Above this area, XMR/USD bulls could push the market price above the 9-day moving average to hit the potential resistance levels at $175, $185, and $195.
Nevertheless, if the market continues to move towards the lower boundary of the channel and crosses below this barrier, it may hit the critical supports at $120, $110, and $100 as the technical indicator Relative Strength Index (14) moves to cross into the oversold region, indicating that the market may remain at the negative side.
XMR/BTC Market: Faces Bearish Correction
Comparing with Bitcoin, the pair is trading on the downside, and it is currently trading at the 4234 SAT. If the bulls fail to push the price above the 9-day and 21-day moving averages, XMR/BTC may likely see a sharp drop below the lower boundary of the channel. Breaking below this barrier could further drag the market to other support levels at 3900 SAT and below.
Moreover, as the Relative Strength Index (14) is moving to cross below 40-level, the market may stay at the downside. Aside from that, any bullish movement above the moving averages could see the coin trading moving closer to the resistance level of 4700 SAT and above.