Monero Price Analysis – April 21
Monero keeps the intraday gains as bulls retreat. The coin is gaining about 20.4% within 24 hours.
Resistance levels: $320, $340, $360
Support levels: $240, $220, $200
XMR/USD is trading tremendously within the ascending channel as the cryptocurrency market corrects itself after the huge gains made a couple of days ago during Asian hours. Like other few altcoins, Monero made a tremendous increase in the opening price from $267 to a peak at $289 before reversing to $283. More so, Monero (XMR) is one of the few digital currencies that keep intraday gains.
Monero Price Analysis: Will XMR Break Above $300 or Reverse?
At the time of writing, Monero is hovering at $282 after gaining about 5.98%. Looking north, a correction above the channel will pave the way for gains in resistance levels of $320, $340, and $360. On the downside, immediate support is $260. It is important to note that $250 is a key level of support, while the main support levels are $240, $220, and $200, but the technical indicator Relative Strength Index (14) is already at the entrance of the overbought zone, indicating an upward trend.
Compared with BTC, the market price remained trading above the 9-day and 21-day moving averages, currently trading at 6857 SAT and expecting a break out above the upper boundary of the channel. Looking at the chart, if the coin can gain more upside, bulls may continue to dominate the market.
However, if the market drops, the next key supports may likely be at 6000 SAT and below. On the bullish side, an additional rise could push the market to the resistance levels of 7600 SAT and above. According to the technical indicator Relative Strength Index (14), the market may face an upward trend as the signal line moves within the overbought region, which could bring more buyers into the market soon.