XMR Price Analysis – April 29
Monero keeps the intraday gains as bulls retreat. XMR/USD explores higher levels above $70.
Resistance levels: $70, $72, $74
Support levels: $46, $44, $42
XMR/USD is green as the market follows the upward movement today. The cryptocurrency market corrects itself like Bitcoin and other top coins. Monero made a slight increase in the opening price from $61.99 after dropping to $57.58 to a peak of $72.16 with a gain of 7.03%. XMR/USD is currently hovering at $66.61, trading above 9-day and 21-day moving averages. It is one of the few digital currencies that keep intraday gains at the time of writing.
Looking at the daily chart, a correction above the channel could pave the way for gains in resistance levels of $80, $82, and $84. On the downside, immediate support is $55. It is important to note that $60 is a key level of support, while the main support levels are $50, $48, and $46, but the RSI (14) is already at the entrance of the overbought zone, indicating an upward trend.
Comparing with BTC, the market price drops from 7996 SAT and touched 7432 SAT today. The coin is currently trading at 7603 SAT within the ascending channel. Looking at the daily chart, if the coin stays below the channel, the bears may end up dominating the market.
Similarly, if the market price drops further, the next key supports may be at 7000 SAT and below. On the bullish side, a possible rise above the 9-day and 21-day moving averages could push the coin to the resistance levels of 8600 SAT and 8800 SAT. According to the daily chart, the RSI (14) faces the south as the signal line is about to cross below 40-level, which could give more bearish signals.
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