Monero (XMR) Price Analysis – May 30
Monero markets have been moving in an opposite direction for the past two weeks after the May 16 correction which later led most of the top 20 altcoins to a resume the bullish move. But against Bitcoin, the market has remained in a downward movement over days ago.
Resistance levels: $102.5, $108.5
Support levels: $92.5, $87.5
Against the USD, Monero trading has been within an ascending channel for the past two weeks, as the price actions respect the market trend which has been bullish after the May 16 sharp drop that led the sellers to the bottom at $77.5 before a bounce up occur. The 21MA and the 50MA have revealed a bullish move as they trend higher. XMR price is now testing the mid-RSI level.
If the token drops, the $92.5 support would be a potential level for the sellers to lay-by. Below the level lies the $87.5 support. At the upside, the buyers may find resistance at the $102.5 and $108.5 levels. As of now, the XRM market has maintained a bullish momentum. A significant drop below the channel might lead to a bearish scenario.
Against Bitcoin, Monero trading has remained within the descending channel for over two weeks now, positioning the market in a bearish trend as the sellers may continue to hold trading within the channel boundary. The 21MA and the 50MA are waving along with price action market since the channel formation began.
For a bullish move, XMR is more likely to hit the 0.0112BTC resistance and above. Following the trend, the market may continue the downward movement towards 0.010600BTC support and beyond. As revealed on the 4-hours RSI, the token currently lies at the 50 level of the indicator which could mean that the market is indecisive at the moment.
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