XMR Price Analysis – April 18
Monero keeps the intraday gains as bulls retreat. XMR/USD explores higher levels towards $61 from $56 primary support.
Resistance levels: $70, $72, $74
Support levels: $46, $44, $42
XMR/USD is green in the middle of the sideways movement. The cryptocurrency market corrects itself like Bitcoin, which exceeded $7,200. Monero made a slight increase in the opening price from $55.91 to a peak of $58.93 with a gain of 4.01%. XMR/USD is currently hovering at $58.39, moving above 9-day and 21-day MAs. It is one of the few digital currencies that keep intraday gains at the time of writing.
Looking at the chart, the immediate resistance is $64, which may allow a new retest at $68. A correction above the channel will pave the way for gains in resistance levels of $70, $72 and $74. On the downside, immediate support is $54. It is important to note that $50 is a key level of support, while the main support levels are $46, $44 and $42.
The RSI (14) is moving above 58-level while the 9-day MA is above the 21-day MA, suggesting that more bullish signals may come to play.
Comparing with BTC, the market price remained and trading within the ascending channel for a while now, currently trading at 8085 SAT and expecting a break out above the channel. Looking at the chart, if the coin can make a cross above the channel, the bulls may end up dominating the market.
However, if the market drops, the next key supports may likely be at 7500 SAT and below. On the bullish side, a possible rise could push the market to the resistance levels of 8600 SAT and 8800 SAT. According to the daily RSI (14), the market may continue the uptrend as the signal line moves above 60-level, which could give more bullish signals.
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