XMR Price Analysis – May 7
Monero keeps the intraday gains as bulls retreat. The coin is gaining about 20.4% within 24 hours.
Resistance levels: $570, $590, $610
Support levels: $360, $340, $320
XMR/USD is trading in green within the ascending channel. The cryptocurrency market corrects itself after the huge gains made a couple of days ago during Asian hours. Like other few altcoins, Monero made a slight increase in the opening price from $414 to a peak at $524 before reversing to $509. More so, Monero (XMR) is one of the few digital currencies that keep intraday gains.
Will XMR Break Above $550 Resistance Level or Reverse?
At the time of writing, Monero is hovering at $509 after gaining about 20.4%. Looking north, a correction above the channel will pave the way for gains in resistance levels of $570, $590, and $610. On the downside, immediate support is $400. It is important to note that $410 is a key level of support, while the main support levels are $360, $340, and $320, but the technical indicator RSI (14) is already at the entrance of the overbought zone, indicating an upward trend.
Comparing with BTC, the market price remained and trading above the 9-day and 21-day moving averages, currently trading at 8791 SAT and expecting a break out above the upper boundary of the channel. Looking at the chart, if the coin can gain more upside, bulls may continue to dominate the market.
However, if the market drops, the next key supports may likely be at 6600 SAT and below. On the bullish side, an additional rise could push the market to the resistance levels of 1000 SAT and above. According to the technical indicator RSI (14), the market may face an upward trend as the signal line moves into the overbought region, which could bring more buyers into the market soon.