Monero (XMR) Is It Strong Enough To Stand The Bears?

Compared to other altcoins, the growth of XMR has been quite modest. Since the beginning of September, the asset's price has increased by 29%, while many coins have doubled or even tripled in value.

Currently, Monero is trading between a support level of $163 and a resistance zone of $171-$175. Given the correlation between XMR and BTC, if the overall positive trend in the market continues, it could lead to further growth in the Monero price. In that case, the next targets for buyers would be the levels of $180 and $187.

A correction of the uptrend is an acceptable development scenario. Below the current level, buyer orders are found in the range of $154.0-$158.5 and at the mark of $147. An aggressive fall in BTC could have a significant negative impact on the XMR price, as the support levels mentioned are likely not strong enough to hold back the heavy selling pressure.