Monero Price Analysis – April 12
Monero (XMR) bears push the coin below the channel after touching the daily high of the $250 resistance level.
Resistance levels: $270, $280, $290
Support levels: $200, $190, $180
XMR/USD is retreating from highs above $250 at the time of writing. However, there has been a struggle for recovery above the upper boundary of the channel since yesterday, but the market price quickly rebounds after touching the 9-day moving average as the technical indicator Relative Strength Index (14) moves above the 60-level to begin the bullish movement.
Monero Price Analysis: Would Monero (XMR) Break Higher?
Looking at the daily chart, the Monero price is hovering at $237.32 as the red line of the 9-day moving average remains above the green line of the 21-day moving average, a tremendous bullish movement is expected. Therefore, the retracement could retest $260 before confirming the bullish movement.
Moreover, the technical indicator is likely to suggest a downward trend as the next direction for the price, and the support levels could be located at $200, $190, and $180 if the coin crosses below the 9-day and 21-day moving averages. However, the coin is likely to cross above the channel to hit the resistance levels at $270, $280, and $290 respectively.
XMR/BTC Market: Monero Price Faces the Upside
Against Bitcoin, the Monero price is changing hands at 5842 SAT, and it is currently trading at the upside above the 9-day and 21-day moving averages. The technical indicator suggests that the price may break into an additional uptrend as the signal line moves into the overbought region. The nearest support level is located at 6500 SAT and above.
Meanwhile, if the sellers hold the price and bring the price below the 9-day and 21-day moving averages, the next support level could be located at 5500 SAT, and any further bearish movement may lead to the support level of 5400 SAT and below. However, the trading volume is coming up as the signal line of the Relative Strength Index (14) remains within the overbought region, suggesting more bullish signals for the coin.