XMR Price Analysis – March 14
Monero (XMR) bears were fuelled by the bulls’ failure to break above the $246 resistance level as the technical indicator defends the $225 key support.
Resistance levels: $280, $290, $300
Support levels: $200, $190, $180
During today’s Asian trading hours, the Monero (XMR) has been correcting significantly in an uptrend. In fact, the daily chart reveals an intraday loss in the value of 2.92% 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.
Where is XMR Price Going Next?
Currently, the coin is following an upward trend as the price trades above the 9-day moving average. Meanwhile, the continuation of bearish movement could drag the coin to the supports of $200, $190, and $180. However, the technical indicator RSI (14) nosedives below the 60-level but any bullish movement could push the coin towards the resistance levels of $280, $290, and $300.
XMR/BTC Market: Remain Intact within the Channel
When compares with Bitcoin, the Monero price has been hovering below the 9-day and 21-day moving averages. Currently, the price trades at 3854 SAT and still expecting to move lower as the trading volume remains on the negative side too. Looking at the daily chart, traders can see that the bulls are yet to dominate the market.
However, if the market continues to drop, the next key support may likely be at 3200 SAT and below. On the bullish side, a bullish movement above the moving averages could take the market to the resistance level of 4500 SAT and above. According to the RSI (14) indicator, the market looks to be following sideways movement at the moment as the signal line moves above the 40-level.