|Key XMR resistance levels:||$105, $110|
|Key XMR support levels:||$85, $80|
*Price at the time of writing
Monero long term trend: Bullish
For the past two months, Monero has been following a bullish sentiment as the cryptocurrency trades within an ascending channel. After testing $100 in late May, Monero’s price dropped to the $80 area, where the lower channel lies.
Now, the market has rebounded higher after a seven days positive move, bringing the current trading price to $96. The bigger picture is clearly revealed on the daily RSI; following an upward movement after testing the 50 level. We can now say the buyers are gaining control of the market. The next key resistance for the bulls lies at $105 and $110 levels.
Monero, the 13th best performing cryptocurrency by market cap holds valuation of $1.6 billion and a trading volume of $227 million. If these statistics continue to increase, the XMR market is likely to hit the mentioned resistance.
From the daily Stochastic RSI, we can see the last seven days buying pressure in the market as the token approaches the overbought territory. However, the XMR price may drop to $85 and $80 supports if the sellers gain control of the market. As of now, the bulls are in play.
Monero medium term trend: Bullish
Monero has shown some positive climb in the past seven days after reversing from $83, where the lower channel lies. Now testing an important level at $96 which could propel the price to $100 and $105 resistance if the market can further the bullish pressure. A price rejection, however, could backtrace the market back to $88 and $83 supports.
Meanwhile, the XMR market has been maintaining an ascending channel pattern for the past four weeks after the price broke the $76 in mid-May. As revealed currently on the 4-hours RSI, Monero has met a solid resistance at the 70 level which is shown on the price chart. If the RSI can break above this mentioned level, we can expect the price at the potential resistance.
Conversely, Monero trading has reached the overbought area on the 4-hours Stochastic RSI, indicating a bearish signal. The mentioned supports may be visited sooner or later.
Monero short term trend: Bullish
As clearly revealed in the short term perspective, Monero followed a bullish scenario after bottoming at $82 on May 9. As the market currently test the upper channel at $96, the XMR market may break or bounce.
If a break occurs, the $98 and $100 resistance will play out. On the other hand, a low bounce may send the token to $93 and $90 supports, where the lower channel rests. As the hourly Stochastic RSI now reached the overbought zone, we may consider a downward move for the XMR market at any moment.
For the past 24-hours now, the hourly RSI has been revealed below the 70 level as it trends sideways, waiting for the next market direction.