MONERO (XMR/USD): XMR Remains Within a Channel Formation, a Breakout Could Play Out

MONERO (XMR/USD): XMR Remains Within a Channel Formation, a Breakout Could Play Out
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XMR Price Analysis – June 9

Currently moving sideways, in the case of a break, it could enter the demand level of $50 and then indicate the demand level of $40. If the demand level of $50 is maintained, the price may rebound to a level of supply at $120.

XMR/USD Market

XMRUSD – Daily Chart

Key Levels:
Supply levels: $120, $130, $140
Demand levels: $50 $40, $30

The XMR market follows a bearish sentiment in the medium term after reaching a maximum of almost $89.41 before digging a channel downhill. The negative movement is evident in the daily MACD and the price has already fallen below the blue line of the 21-day EMA. The sellers are really gaining dominance. It seemed that the market is about to take a small step forward.

On Friday, XMR signaled a buy trade with a slightly bullish pin bar after a hit on the top trend line. A low swing is more likely to test demand levels at $50 and $40, where the lower channel is located. A fall below the channel should find demand at $30. The current daily MACD suggests a sell. An upward movement would find an immediate supply at $120. An upward gap could send the coin to the supply levels of $130 and $140. However, the XMR trade remains on trend lines for the time being.

XMR/BTC Market

After a significant increase in XMR/BTC since May 15, the daily chart shows that the XMR managed to break the bearish trend line yesterday by touching 0.01123BTC, but was later rejected today at the 0.01104BTC supply located in the symmetrical triangle.

XMRBTC – Daily Chart

The market price has crossed the EMA’s 21-day blue line, but the daily MACD still gives a light buy signal, if not, this can lead to an additional fall in the level of demand. Trading within a channel, XMRBTC is approaching a demand level close to 0.0109BTC; where a bounce is expected. As the crypto-asset respects the trend lines, it is very likely that a change in the trend will eventually lead to a price break.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.