Monero Price Analysis – September 19
The Monero price slumps to touch the daily low at $261 and in the nearest term, the coin may create a new low.
Resistance levels: $300, $320, $340
Support levels: $240, $220, $200
XMR/USD is experiencing a fall beneath the support level of $265, which is now, subject to the price actions below the 9-day and 21-day moving averages. At the time of writing, the coin is losing momentum to the lower side of the channel along with a potential price surge.
Monero Price Analysis: Monero Price May Fall More
The Monero price is currently hovering within the 9-day and 21-day moving averages and if the coin decides to cross below the lower boundary of the channel, the market price could touch the nearest supports at $240, $220, and $200. Meanwhile, on the upside, the bulls need to push the price above the 21-day moving average; staying there may cause the coin to find the potential resistance levels of $300, $320, and $340. Meanwhile, the technical indicator Relative Strength Index (14) nosedives below the 50-level, indicating bearish movement.
XMR/BTC Market: Keep Moving Sideways
Against Bitcoin, the Monero price is hovering below the 9-day and 21-day moving averages and within the channel where the coin is likely to move towards the lower boundary of the channel. Meanwhile, should the price stay below the 9-day and 21-day moving averages, the coin may likely touch the nearest support level of 5200 SAT and below.
However, if the bulls could push the market price above the 9-day and 21-day moving averages, Monero (XMR) may reach the resistance level of 6000 SAT and above. Meanwhile, as the 9-day MA remains below the 21-day MA, and the technical indicator Relative Strength Index (14) keeps moving below 45-level, this confirms that the market may remain at the downside.