Monero Price Analysis – July 21
At the time of writing, the Monero price may not be stopped as the bulls aim to drag the price to the resistance level of $200.
Resistance levels: $240, $250, $260
Support levels: $150, $140, $130
XMR/USD price is now trading close to $200 as it hovers around the $195 resistance level at the time of writing. The Monero price could move upwards if the crypto crosses above the 9-day and 21-day moving averages. Meanwhile, the Monero price may touch the resistance level of $200 if the bulls focus on the upward trend.
Monero Price Analysis: Can Monero Price Move Higher
The Monero price may continue to follow the bearish trend in as much as the 9-day MA remains below the 21-day MA. Therefore, the technical indicator Relative Strength Index (14) is seen moving above 40-level but if the crosses above the 9-day and 21-day moving averages, there is a higher chance that the coin may likely find the potential resistance levels at $240, $250, and $260. On the other hand, any bearish movement towards the lower boundary of the channel may locate the critical supports at $150, $140, and $130 respectively.
XMR/BTC Market: Consolidating Around the Moving Averages
When compares with Bitcoin, the Monero price has been moving sideways as the coin continues the bearish run below the 9-day and 21-day moving averages. The next level of support may face the lower boundary of the channel at 5400 SAT which could locate further key support at 5500 SAT and below if the sell-off becomes huge.
On the upside, the Monero price could face resistance at 6500 SAT. Should in case the coin cross above the upper boundary of the channel, the resistance level could be located at the 6800 SAT and above. However, the cryptocurrency may encounter strong support as the technical indicator Relative Strength Index (14) is like to cross below 40-level. Perhaps, if the signal remains within this barrier, traders can expect bearish pressure below the moving averages.