Monero Price Analysis – May 9
The Monero price is facing a serious decline in the value of 16.84% after being rejected at a $221 resistance level.
Resistance levels: $245, $265, $285
Support levels: $145, $125, $105
XMR/USD begins to follow the downward trend as the price slumps below the 9-day and 21-day moving averages. Looking at the daily chart, the Monero price shows that the price is likely to create an additional low within the channel, though the price made a good recovery yesterday by touching $222, the daily chart reveals that the coin is ready for the downward movement.
Monero Price Analysis: What Could Be the Next Direction for Monero?
The Monero (XMR) remains below the 9-day and 21-day moving averages, should the sellers continue to power the market and push the price below the lower boundary of the channel; they may likely find support levels at $145, $125, and $105. Therefore, bulls may retest the support level of $180 before rising again.
However, if the market experiences an upward trend, it could hit the potential resistance at $220 and a further bullish movement could reach the resistance levels of $245, $265, and $285 respectively. Meanwhile, the technical indicator Relative Strength Index (14) is moving below the 40-level, suggesting more bearish signals in the nearest term.
XMR/BTC Market: May Follow the Bearish Movement
Looking at the daily chart, XMR/BTC is bearish as the coin continues to form a downward trend on the chart within the channel. Moreover, Monero bears have successfully dragged the price below the 21-day moving average, any further movement could take the coin to the support levels of 5000 SAT and below.
Looking at the technical indicator Relative Strength Index (14) on the daily chart, it appears that bears may begin to put pressure on the bulls as the signal line remains below 40-level. However, if the bulls can regroup and halt the downward movement, the Monero price may begin an uptrend and any further bullish movement could hit the resistance level of 7000 SAT and above.