XMR Price Analysis – March 1
Monero started with the uptrend from the beginning of the day but now falling below the critical support.
Resistance levels: $78, $80, $82
Support levels: $50, $48, $46
As of today, XMR/USD has been dropping from $66.36 to $64.54 and may drop further if it breaks down the lower boundary of the descending channel and trade below the 9-day and 21-day moving averages. More so, this may not allow the price to hit the resistance levels at $78, $80 and $82 respectively. The bears are dominating the market after a few days of trading that took the price from $76 to $88.
Meanwhile, in case the bulls do not meet to protect the support level at $60, the price could go down to $50, $45 and $40 which are the next support levels. However, as the indicator indicates, provided the buyers failed to allow the price to trade below the channel, the RSI (14) indicator signal line is moving around 37-level, the bearish movement may continue.
When compared with BTC, Monero (XMR) has been following the downtrend for some time now. Currently, the price is trading at the lower boundary of the channel. So if the bears continue to pump more pressure into the market, XMR/BTC may likely hit the critical supports at 0.0069 BTC and below.
However, the RSI (14) indicator shows that the market may enter the oversold area as the signal line moves below level 40 and this could cause more harm to the bulls. In other words, a reversal might come to play if the key support of 0.0073 could hold the price and there might be a bull-run towards the next resistance levels of 0.0084 BTC and above.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.