XMR/USD Explores Higher as the Bulls Fight to Hold onto the Intraday Gains

XMR Price Analysis – January 14

Monero keeps the intraday gains as bulls retreat. XMR/USD explores higher levels towards $61 from $56 primary support.

XMR/USD Market

Key Levels:

Resistance levels: $66, $68, $70

Support levels: $52, $50, $48

XMRUSD – Daily Chart

XMR/USD is green in the middle of the sideways movement. The cryptocurrency market corrects itself like Bitcoin, which exceeded $8,500. Monero made a slight increase in the opening price from $57.66 to a peak of $61.80 with a gain of 5.21%. XMR/USD is currently hovering at $60.72, moving above 9-day and 21-day MAs. It is one of the few digital currencies that keep intraday gains at the time of writing.

Looking at the chart, the immediate resistance is $62, which may allow a new retest at $58. A correction above the channel will pave the way for gains in resistance levels of $66, $68 and $70. On the downside, immediate support is $56. It is important to note that $54 is a key level of support, while the main support levels are $52, $50 and $48.

The stochastic RSI is still within the overbought zone while the 9-day MA is above the 21-day MA, suggesting more bullish signals may come to play.

XMR/BTC Market

Comparing with BTC, the market price remained and trading within the channel for a while now, currently trading at 7195 SAT and expecting a break out above the 9-Day moving average. Looking at the chart, if the coin can make a cross above the 9-day moving average, the bulls may end up dominating the market.

XMRBTC – Daily Chart

However, if the market drops, the next key supports may likely be at 6700 SAT and below. On the bullish side, a possible rise could push the market to the resistance levels of 7600 SAT and 7800 SAT. According to the daily stochastic RSI, the market may face a downward trend as the signal line moves around 60-level, which could trigger a sell on the market soon.

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.

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