XMR/USD Reverses Sharply after Touching $194 Daily High – Cryptovibes.com – Daily Cryptocurrency and FX News
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Monero Price Analysis – March 13
Monero (XMR) bears push the coin below the $185 level after touching the daily high of $194 resistance level.
XMR/USD Market
Key Levels:
Resistance levels: $220, $230, $240
Support levels: $155, $145, $135
XMR/USD is seen plunging massively from highs above $194 to support at $182. There has been a struggle for recovery above $185 since the beginning of today’s trading. However, the market price quickly rebounds after sliding below the upper boundary of the channel as the technical indicator Relative Strength Index (14) remains below 60-level.
Monero Price Analysis: Monero (XMR) May Spike Above the Channel
According to the daily chart, XMR/USD is exchanging hands at $184.22. As the momentum’s steam cools off at this level, a reaction to a double-top pattern is expected and the retracement could retest $180 before confirming the reversal.
Moreover, technical analysis suggests a downward trend as the next course of direction for the price as the support levels could be located at $155, $145, and $135 if the coin crosses below the 9-day and 21-day moving averages while crossing above the upper boundary of the channel could hit the resistance levels at $220, $230, and $240 respectively.
XMR/BTC Market: Price May Consolidate to the Upside
When compared with Bitcoin, the Monero price is changing hands at 4731 SAT, and it is currently trading at the upside of the channel above the 9-day and 21-day moving averages. The technical indicator Relative Strength Index (14) suggests that the price may break into an uptrend if the signal line crosses above 60-level but breaking below this level may allow the sellers to step back into the market.
However, if the coin moves to break above the upper boundary of the channel, the potential resistance level could be located at 5400 SAT and above. Meanwhile, if the sellers hold the price and push it below the moving averages, the next support level could be found at 4500 SAT and any further bearish movement may lead to an additional support level at 4200 SAT and below.
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