XMR Price Analysis – April 7
Monero (XMR) bears push the coin below the $265 support after touching the daily high of $286 resistance level.
Resistance levels: $300, $310, $320
Support levels: $240, $230, $220
XMR/USD is seen plunging massively from highs above $285 to support at $251. There has been a struggle for recovery above $260 since the beginning of today’s trading. However, the market price quickly rebounds after sliding below the 9-day and moving average as the technical indicator RSI (14) leaves the overbought condition.
What to Expect from Monero (XMR)
According to the daily chart, XMR/USD is exchanging hands at $262.66. As the momentum’s steam cools off at this level, a reaction to a double-top pattern is expected. The retracement could retest $270 before confirming the reversal.
Moreover, technical analysis suggests a downward trend as the next course of direction for the price. The support levels are located at $240, $230, and $220 if the coin crosses below the 21-day moving average while the resistance levels to watch are $300, $310, and $320 respectively.
XMR/BTC Market: Consolidating to the Upside
Against Bitcoin, the Monero price is changing hands at 4643 SAT and it is currently trading at the upside of the channel above the 9-day and 21-day moving averages. The technical indicator suggests that the price may break into an uptrend as the signal line cross into the overbought condition. The nearest resistance level is located at 5000 SAT and above.
Meanwhile, if the sellers hold the price and push it below the moving averages, the next support level could be located at 4500 SAT and any further bearish movement may lead to additional support levels at 4300 SAT and below respectively. However, the trading volume is coming up a little bit as the signal line of RSI (14) remains above 60-level.