XMR Price Analysis – May 29
XMR/USD bullish bias is still dominant on average, but the coin needs to reclaim previous resistance above the 9-day moving average.
Resistance levels: $235, $245, $255
Support levels: $120, $110, $100
After a slight pullback to $167 early today, XMR/USD quickly bounced back to touch $177 to keep buyers on track. According to the daily chart, Monero is currently trading around $176 as the bulls are eyeing $180 on the upside. From above, the price is likely to move towards the upside if the coin manages to cross above the 9-day moving average but as it is now, it might not be too difficult as the 9-day MA remains above the 21-day MA.
Monero Price Analysis: What is the Next Direction for Monero?
As the market price hovers within the 9-day and 21-day moving averages, if the bulls push the coin above the moving averages, it is likely to hit the nearest resistance level at $200. A further movement may take the price to $235, $245, and $255 resistance levels as the technical indicator Relative Strength Index (14) remains below the 50-level. In other words, if the market drops toward the lower boundary of the channel, the critical supports could be found at $120, $110, and $100 respectively.
XMR/BTC Market: Monero Price May Consolidate to the Upside
When compared with Bitcoin, XMR is currently changing hands at 6039 SAT within the 9-day and 21-day moving averages. If the bulls can hold the price, the next key target price could be found at 6200 SAT and 6400 SAT respectively. Meanwhile, the technical indicator Relative Strength Index (14) is moving above 50-level, which simply means the market is still on average.
However, if the bulls fail to push the price above the 9-day moving average, the market may focus on the bearish trend and the XMR/USD price may likely see a sharp drop towards the lower boundary of the channel. Further movement towards the south may drag the coin to the nearest support level at 5000 SAT and below.