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- The bullish rally of Monero in which it was gaining new levels for the year has ended
- The cryptoasset has broken below the crucial price mark of $130.00
- The XMR/BTC pair is trading negative with a loss of -2.70% bringing the current level to 0.0116892 BTC
Monero is currently facing the wrath of the bears amid overall bearish sentiment in the market. The cryptoasset has broken below $130.00 which can be a bearish signal further ahead in the market. The utmost priority of the coin is now to sustain above the price level of $120.00 to avoid any further damage.
The weekly chart reflects on the significant bullish rally made by XMR from the past week which started from the price level of $110.00 which later broke above its all-time year high of $120.00 and reached its peak point of $133.00. The CMP is placed at $125.50 with a loss of -4.24% bringing the market capitalization to $2,224,992,689. The 24-hour volume traded is $1,357,498,719. The resistance level of $133.00 has surely provided a strong negative reversal to the crypto asset. It must sustain above the price level of $120.00 for not losing its gained momentum
Technical Levels Losing Bullish Levels for XMR
The technical chart highlights the bullish move made by the crypto asset from the starting of this month. Monero started the month by dropping to the critical support area of $95.00 and made a significant price recovery action since then. The price levels with significant bullish momentum broke above its all-time year high of $120.00 and reached the major resistance area of $133.00. The current price level is running below MA-7 ($127.72) and MA-30($128.18) which can be a minor bearish signal for the coin. For regaining its positive move, the cryptoasset must sustain above MA-30 which is around $126.00.
The directional movement index is currently leveling down in which a negative crossover between -DI(21.36) and +DI(19.51) can be expected. At the same time, ADX(24.98) is also showing negative momentum.
Is XMR Abandoned by the Bulls?
We cannot say that the bullish move is completely off for the cryptoasset until it breaks below the crucial price mark of $120.00. The coin should have sustainability around the price level of $125.00 if the overall market conditions favor in the same direction. Breaking above the price level of $130.00 can be a short-term goal of the digital asset.
RESISTANCE LEVEL: $130.00 & $133.00
SUPPORT LEVEL: $120.00
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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.
