Monero Price Analysis – June 28
Monero (XMR) is facing a serious decline in the value of 1.59% after being rejected at a $123 resistance level.
Resistance levels: $160, $170, $180
Support levels: $80, $70, $60
XMR/USD is following the downward trend as the price failed to cross above the 21-day moving average. Looking at the daily chart, the Monero price shows that the price is still moving within the descending channel, though the price made a good recovery a couple of days ago by touching $133 after which it retreated below the open price.
Monero Price Analysis: What is 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 40-level; they may likely find support levels at $80, $70, and $60. Therefore, bulls seem to be re-testing the support level of $115 before rising again.
However, if the market experiences an upward trend, it could hit the potential resistance at $125, and a further bullish movement could reach the resistance levels of $160, $170, and $180 respectively. Meanwhile, the technical indicator Relative Strength Index (14) is moving below the 40-level, indicating more bearish signals in the nearest term.
XMR/BTC Market: May Follow the Bullish Movement
Looking at the daily chart, XMR/BTC is bearish. The price formed a downward trend on the chart as it consolidates within the channel. Moreover, Monero bulls are dragging the price above the 9-day and 21-day moving averages. Meanwhile, any bearish movement could take the coin to the support level of 5000 SAT and below.
Looking at the technical indicator Relative Strength Index (14) on the daily chart, it appears that bears are likely to put pressure on the bulls as the signal line moves around 50-level. However, if the bulls can regroup and halt the downward movement, The Monero price could begin an uptrend but trade above the moving averages in other to reach the resistance level of 7000 SAT and above.