Monero (XMR) Price Analysis – April 22
As of the time of writing, Monero is in the middle of consolidation as price action decides on the next wave; the direction is yet unknown for now. Whichever way, XMR trading would continue within the trend lines.
Resistance levels: $74, $78
Support levels: $65, $62
XMRUSD is trading within a symmetrical wedge as price approaches the angle of the wedge with tighter price action. The scenario indicated a side-way movement on the 4-hours RSI indicator. At this consolidation stage, a paradigm shift in trend is expected either way.
Before now, the crypto-asset was following a bullish scenario and as it stands now, we may resume a bullish trend. Viewing the 4-hours RSI, XMR has been moving between the range of 65 and 35 levels for the past three weeks; showing an indecisive market.
For a bullish spike, Monero is more likely to find resistance at $74 and above which might set the market on a medium-term positive move. For a bearish spike, however, the closest key support is $65 and below. If otherwise, the trend is likely to continue above $67.
For the past three weeks, XMRBTC had been moving downward and as it appeared now, we may continue trading within the boundaries of the descending channel. Since price began to trend low, there’s no attempt of a significant price break outside the channel. This shows a strong supply force in the past few days of trading.
As revealed on the chat, the bears seem to be targeting price at the lower channel; where 0.0126 BTC support lies as they continue to gaining control of the market.
On the 4-hours RSI, Monero appeared swinging on side-way for since April 17. This suggests a possible change in trend which could occur at any moment from now. A bullish play could propel price above the channel. The potential resistance area lies at 0.0136 BTC.
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