XMR Price Analysis – December 10
The technical indicator reveals that XMR may recover its loss but yet finding it difficult to cross the $55 price mark.
Resistance levels: $58, $60, $62
Support levels: $48, $46, $44
The Monero (XMR) market fell sharply to the nearest support at $0.51 after the price was rejected at around $0.55. Currently, bears seem to be coming back into the market. But the main question now is when will Monero move to the profit zone? It seems that traders might have to bear some patience to enjoy some returns in the Monero network.
However, the bulls have to take the price above $0.55 level to build an additional upside momentum by gaining traction with the next focus on $0.58, followed by psychological $0.60 and $0.62 resistance levels. Looking at the daily chart, on the downside, the initial support comes at $0.48, $0.46 and $0.44 respectively. The upward divergence of the MACD shows that XMR may likely have a positive agreement with the trend.
Against Bitcoin, the Monero price is changing hands at 7294 SAT and it is currently trading within a channel and above the 9-day and 21-day moving averages. The MACD suggests that the price may break down as it could cross down the moving averages. The nearest resistance levels may be at 7600 SAT, 7700 SAT and 7800 SAT.
Meanwhile, if the sellers hold the price and push it beneath the current price of 7200 SAT, the next level of support is located at 7100 SAT and more support is found at 7000 SAT and 6900 SAT. The trading volume has significantly increased while the signal lines of MACD moves within the positive side.
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