XMR Price Analysis – December 30
Monero (XMR) bears were fuelled by the bulls’ failure to break above $47 resistance level as the technical indicator defends the $45 key support.
Resistance levels: $51, $53, $55
Support levels: $40, $38, $36
During today’s Asian trading hours, the Monero (XMR) has corrected significantly in an uptrend. In fact, the daily chart revealed an intraday gain in the value of 0.46% as the market opens today. But taking a look at the chart, we can see that the bullish leg was extended of the price action that occurred yesterday.
Currently, the coin has started following the downward trend as the price trades around the 9-day moving average. More so, a further drop could get to $40, $38 and $36 which are the next support levels. Furthermore, the stochastic RSI moves into the overbought zone which shows that the buyers may likely resume the upward movement by pushing the price towards the resistance levels of $51, $53 and $55.
When compared with Bitcoin, the pair has been following the downward trend for some time now. Currently, the price is hovering around 6337 SAT and still expecting to move higher as the trading volume rises up too. Looking at the chart, we can see that the bulls are warming up to dominate the market.
However, if the market drops, the next key support may likely be at 5800 SAT and below. On the bullish side, a continuation bullish movement could take the market to the resistance level of 6800 SAT and above. According to the RSI (14) indicator, the market is favoring the buyers at the moment as the signal line moves in an upward trend.
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