XMR Price Analysis – April 29
Following a decent rise over the past few days, XMR now appears to be resuming a bearish run.
Resistance levels: $465, $485, $505
Support levels: $365, $345, $325
The price of XMR has gone down from $414 to $431 in the early hours of today. The bulls had taken the price up above the upper boundary of the channel before the bears stepped back in and took it down to $393. Yesterday, the bulls took control of the market by dragging the price down, where it found support and bounced up to $450 resistance level.
Where is Monero Price Going Next?
According to the daily chart, Monero (XMR) now appears to be resuming a bearish run according to the technical indicator. The next level of support may surface at $365 and then locate further key support at $345 and $325 levels if the sell-off later becomes huge. Meanwhile, the RSI (14) indicates that bears may step back into the market as the signal line moves below 65-level.
However, due to the sharp downward movement at the moment, the Monero price is seriously struggling to break out of the dominant bearish movement, especially the channel’s boundary. In case of a break, the key resistance levels remain at $465, $485, and $505 respectively.
XMR/BTC Market: Price Keeps the Uptrend
When compares with Bitcoin, XMR price is hovering at 7605 SAT as it remains at the upside of the channel above the 9-day and 21-day moving averages. More so, the technical indicator suggests that the price may break into an uptrend as the signal line remains within the overbought condition. The potential resistance level is located at 8500 SAT and above.
Meanwhile, if the sellers drag the price below the 9-day moving average, the next support level could be located at 7100 SAT and any further bearish movement may lead to an additional support level at 6800 SAT and below. However, the trading volume is coming up as the signal line of RSI (14) remains above 70-level, suggesting bullish signals.