Is Monero Entering Into a Potential Consolidation Phase After Retracing From $125?

  • Monero is unable to revive its positive momentum after a sharp negative divergence from the price level of $125.00
  • The XMR/BTC pair is also performing significantly negative with an overall loss of -6.32%, bringing the current level down to 0.00711011 BTC 

XMR Lost All The Positive Sentiment Throughout The Past Week 

source: coinmarketcap

As the weekly price performance chart of Monero reflects, the price levels faced a sharp negative divergence from $125.00, which provided significant damage. The downtrend continued till the significant support level of $110.00 came into the act. The support did give a positive push to the levels to the crucial mark of $120.00. XMR bulls were unable to break above the vital mark of $120.00, which can indicate the upcoming consolidation phase. The CMP is now placed at $112.91, facing an overall loss of -3.43% and getting closer to its major support level of $110.00 once again. The market capitalization has declined by -0.40%, and the 24-hour volume traded had an increase of 29.78% over the day. 

Technical Chart Indicates a Potential Consolidation for XMR 

source: Tradingview

The technical chart of Monero focuses on the significant positive rally made by the price levels from the past month, which included creating a new 52-week high of $138.00. The positive rally was later followed by a significant correction, which has now landed the price levels around the significant support level of $110.00 once again. The retracement table suggests that XMR’s levels are having major support placed at 0.5FIB level and facing major resistance at 0.236FIB level. 

The relative strength index (RSI) is hovering in the normal region, resisting significant movement in the levels. The current level stands at 41.73. 

The directional movement index (DMI) is also showcasing weakness in the levels as ADX (11.95) is moving well below -DI (20.42) 

The moving average convergence & divergence (MACD) is also providing sentiments for consolidation after a bearish crossover. 

Will The Support of $110 Again Provide a Positive Push to Monero?

The support level tends to regain positive momentum for the price levels. However, the technical levels are currently consisting of extreme weakness with selling pressure mounting on the crypto asset. We expect XMR to face consolidation in the upcoming trading sessions. 

Resistance level: $120.00 & $125.00

Support level: $110.00 & $108.00 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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