XMR Price Analysis – January 25
Monero started with the uptrend from the beginning of the day but now falling below the critical support.
Resistance levels: $150, $160, $170
Support levels: $110, $100, $90
XMR/USD has been dropping from $142 to $120 and may drop further if it breaks down the lower boundary of the channel and continue to trade below the 9-day and 21-day moving averages. On the other hand, any bullish movement may allow the price to hit the resistance levels at $150, $160, and $170 respectively. Meanwhile, the bears are seen dominating the market at the moment.
What to Expect from Monero (XMR)
In case the bulls do not meet to protect the current market level at $131, the price could go down to $110, $100, and $90 which are the next support levels. However, as the technical indicator reveals, the RSI (14) signal line is seen moving below the 40-level, suggesting more bearish movement.
XMR/BTC Market: Consolidates at the downside
Comparing with Bitcoin, the pair has been moving in sideways within the descending channel for the past few weeks now. Currently, the price is trading within the 9-day and 21-day moving averages. More so, as the bears introduce more pressure into the market, XMR/BTC may likely reach the critical support at 3200 SAT and below.
Looking at the chart, the RSI (14) indicator shows that the market is still following the sideways movement. Therefore, bulls may need to halt the price and push it towards the north. Once this is done, there might be a bull-run towards the next resistance levels which may likely take it to 5200 SAT and above.