Monero Price Analysis – Bears Pressuring the XMR Market, Will it Hold?

an hour ago | Michael Fasogbon

Monero price: $73
Key XMR resistance levels: $77, $80, $85, $90
Key XMR support levels: $71, $65.5, $60, $50

*Price at the time of writing

Monero price long-term outlook: Bearish

Following the mid-year bear market, Monero has seen a correction of about 40% since late June. Meanwhile, the price action is reaching a breaking point at the wedge boundary. Over the past three days now, the XMR bulls have been showing a commitment to trading and bringing a positive move in the market.

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How to buy Monero on Binance

At the time of writing, Monero is priced at $73 after surging by 4% over the past few hours. Acting upon the ongoing price increase, the price of XMR is likely to meet immediate resistance at $77 and $80. A further price push could make the market test $85 and $90 on the upside. 

However, XMR may continue its mid-term sell-off to hit the $71, $65.5 and $60 supports before a potential drop to $50. From a technical standpoint, the token’s price is more likely to follow a bullish breakout on the wedge pattern.

On the technical indicators, the current price increase relied on the RSI 30 acting as strong support for the market. The market is revealed in an upward direction on the Stochastic RSI – indicating the bulls are currently in play.

Monero price medium-term outlook: Bearish

Since early August, Monero has been on a downward spiral, leading the price action to carve a channel pattern over the past weeks of trading. Last week, XMR found support around $65, where the channel’s lower boundary is drawn. This support is strengthened and has given a boost to the current buying pressure in the market.

However, we may witness more buying pressure on the channel’s upper boundary if the buyers continue to power the market. The next key resistances lie at $76, $78 and $80. A break above the channel might trigger a bull-run for the XMR market.

A look at the Stochastic RSI oscillator suggests that sellers are around the corner. A bearish crossover may fall the market back to the oversold region, rolling the price back to the $70, $68 and $65 supports. The RSI indicator is currently playing neutral after seeing a reversal from the oversold area – the XMR price may drop if the 70 level remains solid.

Monero price short-term outlook: Bearish

Monero is looking bearish on a short-term trend, although the recent price action has produced four days of price growth, which is still playing out at the moment. Considering the current consolidation stage, the XMR price is likely to resume to follow the bears as the market appears to be weak.

As confirmed on the RSI, the trend is hovering around the overbought level, indicating an exhausting bullish momentum. Now, the RSI has seen a slight bearish cross. We can expect a short move towards the $70, $68 and $66 supports.

On the other hand, buying pressure is compounding on the Stochastic RSI, suggesting a possible bullish continuation. If a bullish cross occurs, the next level of resistance is likely at $75.3. A further break above the broadening wedge could bring the market to $77, $79 resistances and above.

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