Monero Price Analysis – March 3
Monero (XMR) bears push the coin below the channel after touching the daily high of $181 resistance level.
Resistance levels: $200, $210, $220
Support levels: $150, $140, $130
XMR/USD follows a bearish sentiment in the medium term after reaching the daily high at $181.28 before digging a channel downhill. The negative movement is evident in the daily Relative Strength Index (14), and the price is likely to fall below the $170 level. The sellers may continue to gain dominance as it seems that the market is about to take a small step downward.
Monero Price Analysis: Would Monero (XMR) See a Further Downside?
The Monero price signals a sell trade with a slight bearish pin bar after touching the upper boundary of the channel. A low swing is more likely to test support levels at $170 and $160 below the 9-day and 21-day moving averages. A fall below this barrier could find additional supports at $150, $140, and $130. The current technical indicator Relative Strength Index (14) suggests a sell. An upward movement may find an immediate resistance at $180, after which it could send the coin to the resistance levels of $200, $210, and $220.
XMR/BTC Market: Price Keeps Ranging
After a significant increase after 9-day and 21-day moving averages, the daily chart shows that the XMR manages to break to the upside by touching the high of 4174 SAT. Any further bullish movement may locate the resistance level of 4500 SAT and above.
However, the market price may cross below the moving averages as the Relative Strength Index (14) could give a sell signal and this can lead to a fall in the level of support. Trading within a channel, if the bulls decide to push the coin to the upside, it can retreat to the downside. Therefore, any further bearish movement below the lower boundary of the channel may hit the support at 3700 SAT and below