XMR Price Analysis – January 18
XMR/USD retreats from the daily high but stays within the ascending channel. The strong support is located on the approach to $65.
Resistance levels: $75, $77, $79
Support levels: $62, $60, $58
At the opening of the trading today, the Monero (XMR) corrected significantly in an upward trend. In fact, the daily chart has revealed an intraday gain in the value of 0.52% 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 below the upper boundary of the channel. More so, a further drop could get to $62, $60 and $58 which are the next support levels as the stochastic RSI nosedives below 80-level. In other words, the buyers may likely resume the upward movement by pushing the price towards the resistance levels of $75, $77 and $79.
Comparing with BTC, the market price remained and trading within the channel for a while now, currently trading at 7195 SAT and still expecting a break above the trend line of the ascending channel. Looking at the chart, if the coin crossed the trend line successfully, the bulls may likely meet the nearest resistance level at 8000 SAT.
However, if the market continues to drop, the next key supports may likely be at 6900 SAT and below. On the upside, a possible rise could push the market to the resistance levels of 8300 SAT and 8500 SAT. According to the daily stochastic RSI, the market may face a downward trend as the signal line moves towards the 40-level, which could trigger a sell on the market soon.
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