After a Significant Movement; XMR Market Plunges

XMR Price Analysis – September 17

Looking at the daily chart, the bears took over the market after the bullish movement that occurred a few days ago, the price of Monero begins a downward movement.
XMR/USD Market
Key Levels:

Resistance levels: $83, $88, $93

Support levels: $65, $60, $55

As at today, XMR/USD has been dropping from $76.11 to $73.15 and may drop further if it breaks down the lower boundary of the ascending channel and trade below the 21-day MA. More so, this may not allow the price to hit the resistance levels at $83, $88 and $93 respectively. The bears are stepping back into the market after some few days of trading that took the price from $69.15 to $77.66.

Meanwhile, in case the bulls do not meet to protect the support level at $73, the price could go down to $65, $60 and $55 which are the next support levels. However, as the indicator indicates, provided the buyers failed to allow the price to trade below the 21-day MA while the stochastic RSI indicator signal line not too far from the overbought zone, the bearish movement may not last long.
XMR/BTC Market
After a slight decline in XMR/BTC a few days ago, the daily chart shows that the XMR has managed to exit the bearish trend line today, but is currently moving sideways. The Monero price has not yet crossed down the 21-day MA and the 9-day MA. Should the bulls maintain their stand and push the price above the upper line, it could hit the nearest resistance level at 0.007BTC and above.

However, the stochastic indicator on the daily chart shows that the market could continue moving laterally for some time before taking its downtrend probably to reach the support level of 0.0068BTC. Once the pattern of the channel breaks, the downward trend resumes, otherwise, buyers should prepare for a slight increase.

Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Azeez M. MustaphaAzeez M. Mustapha

Azeez M. Mustapha

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.
e-mail: azeez@fxtimes.com

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