XMR Price Analysis – May 19
Currently moving sideways, in the case of a break, it could enter the support level of $120 but if the support level of $200 is maintained, the price may rebound to a resistance level of $300.
Resistance levels: $400, $420, $440
Support levels: $100, $80, $60
XMR/USD follows a bearish sentiment in the medium term after reaching a maximum of almost $348.46 before digging a channel downhill. The negative movement is evident in the daily Relative Strength Index (14) and the price has already fallen into the oversold region. The sellers are really gaining dominance. It seemed that the market is about to take a small step forward.
Will Monero (XMR) See a Further Downside?
Today, XMR signaled a sell trade with a heavy bearish pin bar after a hit on the top trend line. A low swing is more likely to test support levels at $180 and $160 below the lower channel. A fall below this barrier could find additional supports at $100, $80, and $60. The current technical indicator RSI (14) suggests a sell. An upward movement may find an immediate resistance at $350. An upward gap could send the coin to the resistance levels of $400, $420, and $440. However, the XMR trade remains on the trend lines for the time being.
XMR/BTC Market: Slides Below the Moving Averages
After a significant increase in XMR/BTC since March 2021, the daily chart shows that the XMR managed to break to the upside by touching the high of 9090 SAT but today, the slides below the 9-day and 21-day moving averages touch the low of 4600 SAT. Any further bearish movement may locate the support level of 4000 SAT and below.
However, the market price crosses below the lower boundary of the channel as the Relative Strength Index (14) gives a sell signal and this can lead to an additional fall in the level of support. Trading within a channel, XMR/BTC is approaching a support level close to 5600 SAT; where a bounce is expected. As the crypto-asset respects the trend lines, it is very likely that a change in the trend will eventually lead to a price break. Meanwhile, if the coin decides to change the trend, the bulls could push the price above the upper boundary of the channel to reach the resistance level of 9000 SAT and above.