XMR Price Analysis – February 5
Monero (XMR) has cleared resistance above $75; a stable move above $80 is a must to sustain the bull-run.
XMR/USD Market
Key Levels:
Resistance levels: $85, $87, $89
Support levels: $68, $66, $64
XMR/USD has recently struck a major price jump as the technical indicator appears bullish; RSI (14) moves above 71. Monero (XMR) has just formed a few correcting candles after hitting the price point above $80. At the moment, the coin has started reversing as the price moves back into the ascending wedge but well above the 21 and 50 periods EMA.
However, a further drop could bring the coin to $68, $66 and $64 which are the next support levels. Furthermore, the RSI (14) indicator shows that the buyers may continue the upward movement by pushing the price above the upper boundary of the channel in as much as the technical indicator still remains within the overbought zone. The resistance levels to watch for are $85, $87 and $89.
XMR/BTC Market
Against Bitcoin, the Monero price is changing hands at 8038 SAT and it is currently trading within a channel and above the moving averages. The RSI (14) suggests that the price may break down as it could cross down the moving averages. More so, the nearest resistance levels may be at 8600 SAT, 8800 SAT and 9000 SAT.
Meanwhile, if the sellers hold the price and push it beneath the current price of 8038 SAT, the next level of support is located at 7600 SAT and more support is found at 7400 SAT and 7200 SAT. The trading volume is now decreasing slowly as the signal line of RSI (14) moves toward the 60-level.
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