XMR Price Analysis – October 10
Monero bears have been fuelled by the bulls’ failure to break above $58 resistance level. Meanwhile, the technical indicators suggest that buying power is enough to defend the $54.70 key support that still exists.
Resistance levels: $62, $64, $66
Support levels: $48, $46, $44
During the Asian trading hours of today, the Monero (XMR) corrected significantly in an upward trend. In fact, the daily chart has revealed an intraday gain in the value of 0.46% as the market opens today. But taking a look at the chart, we can see that the bullish leg was extended of the price action that occurred yesterday.
Currently, the coin has started following the downward trend as the price trades below the middle boundary of Bollinger bands. More so, a further drop could get to $48, $46 and $44 which are the next support levels. Furthermore, the MACD indicator shows that the buyers may likely resume the upward movement by pushing the price towards the resistance levels of $62, $64 and $66.
Against Bitcoin, the pair has been following the downward trend for some time now. Presently, the price is trading at the lower boundary of the Bollinger bands. So if the bears continue to pump more pressure into the market, XMR/BTC may likely hit the critical supports at 0.0060 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 0.0064 could hold the price and there might be a bull-run towards the next resistance levels of 0.0072 BTC and above.
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