Monero Price Analysis – October 7
Monero (XMR) bears push the coin below the channel after touching the daily high of $297 resistance level.
Resistance levels: $320, $330, $340
Support levels: $250, $240, $230
XMR/USD is seen plunging massively from highs above $297 to support at $273. However, there has been a struggle for recovery above $300 since yesterday but the market price quickly rebounds after sliding below the upper boundary of the channel as the technical indicator Relative Strength Index (14) nosedives below 60-level to begin the bearish movement.
Monero Price Analysis: Would Monero (XMR) Break Higher?
According to the daily chart, the Monero price is hovering at $279.66. Meanwhile, as the red-line of the 9-day moving average crosses above the green-line of the 21-day moving average, a tremendous bullish movement is expected. Therefore, the retracement could retest $280 before confirming the bullish movement.
Moreover, the technical indicator suggests a downward trend as the next direction for the price and the support levels could be located at $250, $240, and $230 if the coin crosses below the 9-day and 21-day moving averages while the resistance levels may be found at $320, $330, and $340 if the Monero price moves above the upper boundary of the channel.
XMR/BTC Market: Monero Price Faces the Downside
Against Bitcoin, the Monero price is changing hands at 5157 SAT and it is currently trading at the downside below the 9-day and 21-day moving averages. The technical indicator suggests that the price may break into an additional downtrend as the signal line crosses below the 40-level. The nearest support level is located at 4900 SAT and below.
Meanwhile, if the buyers hold the price and push it above the 9-day and 21-day moving averages, the next resistance level could be located at 5400 SAT and any further bullish movement may lead to additional resistance level at 5500 SAT and above. However, the trading volume is coming up a little bit as the signal line of the Relative Strength Index (14) remains above 40-level, suggesting more bearish signals for the coin.