Monero (XMR) Price Analysis – January 31. XMRBTC in Ascending Channel
Monero-Dollar trade tightens as a result of price equilibrium; volatility is low. Pairing Bitcoin, the price action is waving to 0.00134 BTC.
Resistance levels: $54, $60, $65;
Support levels: $40, $38, $36;
After December 2018 high at $60, the market breaks low to $44 and advance in a higher high, lower low trend to $56. From this price level, another massive sell-off triggered to $43 which has positioned the price lower.
Since the fall earlier this month, XMR has remained in a side-way direction; trading between the range of $47 and $43. A low trading volume is experienced. This is clearly revealed on the MACD as it sleeps along the zero line.
Picturing the chart, it is quite obvious the candlesticks are respecting the channel; now a strong support area. Currently, the Stochastics is up near the overbought. The buying momentum is exhausting.
However, a break is expected to change existing trend to either uptrend or downtrend. Rising above the channel would send the price to $54 resistance level and sinking below would find support at $40.
Unlike the ranging Dollar market, this pair is climbing higher. The incline move is slow due to non-volatility and inactive session. Evidently, the price bars appears small; though flying but not enjoying huge volume.
Observing the MACD, the ongoing trend is gradually revealing from 0.0012 BTC low (at the negative level) to the positive zone as it targets the next resistance level at 0.00134 BTC. The bulls are steadily gaining momentum.
On the 4 hours Stochastics, trading pressure has been up and down; but now nearing the oversold line. This shows the buying pressure after testing the lower trend line.
A low drive on the ascending channel would drop market to the bottom 0.00122 BTC support level. Once this happens, the trend might remain in bears’ control.
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