Monero Price Analysis – May 21
The Monero price keeps the intraday gains of 1.28% as the coin moves to cross above the 21-day moving average.
Resistance levels: $240, $250, $260
Support levels: $120, $110, $100
XMR/USD is currently following the upward movement as the coin has traded in green since a couple of days ago. The cryptocurrency market corrects itself like Bitcoin and other top coins. Over the past few days, XMR/USD made a tremendous increase from $112.99 to a peak of $178.19. The Monero (XMR) is currently hovering at $176.12, trading above the 9-day moving average.
Monero Price Analysis: What to Expect from Monero (XMR)
The Monero price is one of the few digital currencies that keep the intraday gains at the time of writing but looking at the daily chart, a correction above the 21-day moving average could pave the way for gains in resistance levels of $240, $250, and $260.
On the downside, the immediate support is below the 9-day moving average. It is important to note that $150 is a key level of support, while the main support levels are $120, $110, and $100, but the technical indicator Relative Strength Index (14) is likely to cross above the 50-level to indicate more bullish signals.
XMR/BTC Market: Price Moves to the Upside
Against Bitcoin, the market price remains above the 9-day and 21-day moving averages, currently trading at 6087 SAT and expecting a break towards the upper boundary of the channel. Looking at the chart, if the bulls can increase the pressure, they may end up dominating the market.
However, if the price drops below the moving averages, the next key support may likely be at 5000 SAT and below. On the bullish side, a possible rise could push the market to the resistance level of 7000 SAT and above. According to the daily Relative Strength Index (14), the market may continue with the upward movement if the signal line crosses above 60-level, which could suggest more bullish signals in the market.