Monero (XMR) Price Analysis – February 8
Monero (XMR) coin is displaying a significant bullish move as the market continues to move sideways.
Resistance levels: $180, $190, $200
Support levels: $125, $115, $105
XMR/USD is seen trading above the 9-day and 21-day moving averages, amounting to a price change of 3.77% a few hours ago. In fact, the technical indicator RSI (14) is now moving above the 50-level to support the bullish movement. The daily chart reveals that the XMR/USD is down, as the market looks for closer support to contain the current massive declines at $135 low. However, the $125, $115, and $105 support levels could provide support for the market if the selling pressure continues.
What to Expect from Monero (XMR)
The coin is currently trading at a price level of $156.36. Now, the price action is eroding bullishly on the daily chart after a sell-off. If $130 can act as a support level, Monero price may test the previous resistance again at $180, $190, and $200 respectively. Presently, there is no sign of bullish movement within the market. The main support for this market is $135. In the long run, it is always suggested that XMR is following a bearish sentiment as the daily chart reveals.
XMR/BTC Market: Consolidating at the Downside
Against Bitcoin, Monero (XMR) is trading at the downside, although the price action has remained intact below the moving averages. As the trading volume remains on the negative side, if the selling pressure continues, the XMR price variation may likely continue the downtrend. For now, the RSI (14) is moving into the oversold region, suggesting more bearish signals.
For now, the coin is currently trading below the moving averages at 3585 SAT. Traders can expect close support levels at 2800 SAT and below. Moreover, if the bullish move begins and breaks significantly above the moving averages; we can then confirm a bull-run for the market and the closest resistance levels lie at 4800 SAT and above.