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- The overall sentiment of Monero coin is negative as it is about to break down the circular support.
- XMR coin price faced heavy price damage after creating a new 52-week high of around $190.00
- The current price levels have now retraced back to the support area of $143.31
The weekly performance highlights that Monero is trying to break out from the round support level.If the price goes below the support level then it can reach its 30-Day low.The price levels reached the critical support area of $143.19 which halted the wrath of the bears and maintained sustainability. The delisting of privacy coins from the leading crypto exchanges from the start of the year has significantly harmed the price levels . Currently, the levels have been able to maintain sustainability above the support mark of $137.93 which can be an indication that price may soon see a reversal.
The CMP is placed at $142.44 with an overall loss of -5% bringing the market capitalization to $ 2,544,859,643 resulting in a decline of 5.21%.The 24-hour volume traded has reached $1,744,107,872 with a minor increment of 1.21%. The XMR/BTC pair is still performing negative with a loss of -0.50% bringing the current level to 0.004330 BTC.
Monero (XMR) Technical Analysis
The technical chart of XMR coin highlights that bearish levels made by the price can see a continuation in the future. From the start of 2021, the fundamentals of the crypto asset got weaken due to the delisting by Bittrex which eventually led to a sharp negative divergence causing a negative breakout.The negative retracement can also be due to the reason of fall in Bitcoin in recent trading sessions
Moving Average Convergence Divergence (Bearish) levels has seen a negative crossover in the past .Bars of the histogram are forming in the red region with the higher length.
Relative Strength Index (RSI) is trading at the level of 43.33 (at the time of writing) with a negative slope.It indicates that the overall sentiment is bearish in nature.
TECHNICAL LEVELS
Resistance level: $150.00
Support level: $130.00
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
