Monero Price Analysis – July 10
The Monero price slumps to touch the daily low at $208 and in the nearest term, XMR/USD may create a new low or recover from slippery.
XMR/USD Market
Key Levels:
Resistance levels: $250, $260, $270
Support levels: $175, $165, $155
XMR/USD is experiencing a fall beneath the long-term support at $210, which is now, subject to the price actions below the 9-day and 21-day moving averages over the past few days of trading. At the time of writing, the coin is losing momentum to the lower side of the channel along with a potential price surge.
Monero Price Analysis: Monero Price May Fall More
The Monero price is currently hovering below the 9-day and 21-day moving averages and if the coin decides to cross below the lower boundary of the channel, the market price could touch the nearest supports at $175, $165, and $155. Meanwhile, on the upside, the bulls need to keep the price above the 9-day and 21-day moving averages; staying there may cause the coin to find the resistance levels of $250, $260, and $270. Meanwhile, the technical indicator Relative Strength Index (14) is moving in the same direction below the 45-level, indicating sideways movement.
XMR/BTC Market: Keep Moving Sideways
Against Bitcoin, the Monero price is hovering below the 9-day and 21-day moving averages and within the channel where the coin is likely to cross below the lower boundary of the channel. Meanwhile, should the price remain below the 9-day and 21-day moving averages, the coin may likely touch the nearest support level of 5900 SAT and below.
However, if the bulls could push the market price above the 9-day and 21-day moving averages, Monero (XMR) may reach the resistance level of 6800 SAT and above. Meanwhile, as the 9-day MA remains below the 21-day MA, and the technical indicator Relative Strength Index (14) keeps moving below 45-level, this confirms that the market may remain at the downside.