XMR Price Analysis – April 18
Monero started with the uptrend from the beginning of the day but now falling below the crucial support.
Resistance levels: $400, $410, $420
Support levels: $260, $250, $240
As of today, after touching the daily high at $378.31, XMR/USD is seen dropping to $281.20 and may drop further if it breaks down the previous support within the ascending channel to trade below the 9-day and 21-day moving averages. However, any bullish movement may allow the price to hit the resistance levels at $400, $410, and $420 respectively.
Meanwhile, in case the bulls do not meet to protect the support level at $300, the price could go down to $260, $250, and $240 which are the next support levels. However, as the indicator indicates, provided the buyers failed to allow the price to trade above the moving averages, the RSI (14) indicator signal lines are moving below 60-level, the bearish movement may continue.
XMR/BTC Market: Price Looks Bullish
Comparing with Bitcoin, on the daily chart, Monero (XMR) is looking bullish as price remains above the 9-day and 21-day moving averages at 5718 SAT. Now, the bears appear to be stepping back in the market, and we can expect the price to fall to 5000 SAT and 4800 SAT support levels. But at the time of writing, XMR/BTC is yet to break below the daily low of $5456.
However, if the buyers push the price above the upper boundary of the channel, the next level of resistance is located at 6300 SAT and more resistance is found at 6500 SAT and 6700 SAT. The trading volume has significantly remained on the negative side while the technical indicator RSI (14) is moving out of the overbought zone.