XMR Price Analysis – April 9
XMR/USD explores higher as the coin keeps the intraday gains.
XMR/USD Market
Key Levels:
Resistance levels: $70, $72, $72
Support levels: $48, $46, $44
Today, XMR/USD is seen trading in green within the ascending channel. The cryptocurrency market corrects itself after the huge gains made on April 6 during Asian hours. Like other few altcoins, Monero made a slight increase in the opening price from $57.60 to a peak at $59.54. The Monero coin is one of the few digital currencies that keep intraday gains.
At the time of writing, Monero is now hovering at $58.62 after rising 1.25%. Looking north, the immediate resistance is $65, which may allow a new retest at $61. 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 $48, $46 and $44, but the RSI (14) is already around the 60-level, indicating an upward trend.
XMR/BTC Market
Comparing with Bitcoin, on the daily chart, Monero (XMR) is looking bullish as price rises above the 8000 SAT. Now, the bull appears to be dominating the market, and we can expect the price to rise to 8500 SAT and 8600 SAT resistance levels. But as at the time of writing, XRP/BTC is changing hands at 8045 SAT.
Moreover, if the sellers push the price beneath the current 7700 SAT, the next level of support is located at 7500 SAT and more support is found at 7400 SAT and 7200 SAT. The trading volume has significantly increased while the RSI is moving above level 60.
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