Will Monero Sustain $100 to Continue its Journey of Reaching New-Highs?

• Monero faces negative momentum with the overall bearish sentiment in the market. 
• The XMR/BTC pair is also facing negative momentum with an overall loss of -1.62% bringing the current level to 0.01019614 BTC. 
• The altcoin has been highly volatile from the past few days which also included a new 52 weeks high of $114.68. 

Monero is facing profit-booking activity among the investors as it faced an overall loss of -2.33% bringing the CMP to $108.39 after reaching a new year high of $115. The market capitalization stands at $1,920,739,663 with the 24-hour volume traded of $1,448,419,942. The overall sentiment of the crypto asset still remains positive due to its tremendous performance from the past few days which was backed both technically and fundamentally. 

Due to its significant bullish sentiment in the market, the intraday chart merely highlights the ongoing downtrend for the altcoin. We can say that the levels reached a rational price from the perspective of the investors and a profit booking momentum was very much expected. The downtrend also got the support of the overall market conditions. As of now, the altcoin must sustain above the crucial mark of $100.00 so that the current bullish sentiment in the market for the coin doesn’t fade away. 

Technical levels Need to Support XMR Bulls 

The technical chart reflects on the significant positive momentum built by the digital asset besides overall bearish sentiment in the market. The positive momentum was having the support of both fundamental factors which included a significant increase in the number of addresses and technical factors as well. There’s a huge support area placed between 0.618 and 0.5 fib level. However, the cryptoasset must not try to test these support levels and must stay above $100 for sustaining its positive sentiment in the market.

Both CCI and RSI are currently on downtrending nature but showing signs of a revival of a positive move at the tip of the levels. RSI and CCI are placed at 54.47 & 20.34 respectively. 

MACD levels are facing a bearish crossover on the positive side. The bulls need to make a comeback for avoiding the stay of the bears. 

RESISTANCE LEVEL: $110.00 & $114.00

SUPPORT LEVEL: $100.00  & $97.00

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Pratik Chadhokar

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.