Monero Price Forecast: Is XMR Going To Give A Pullback From $215

Monero price plunges below the resistance of $240
  • Monero price plunge below $240 to $216 on Tuesday’s trading session
  • The 24-hour volume in XMR is at $576,488,762 with a 7.60% increase.
  • The XMR/BTC pair was trading at 0.00399 BTC with a loss of 2.25%

The 4-hour technical chart of Monero price action projects a downtrend. According to pivot points, XMR’s critical support levels are placed at $215 and $201 . Whereas if it moves up, the key resistance level to watch is $240. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish hammer candlestick pattern representing downward movement.

SMA-20, 50 & 100 acts as another strong support in the coin. SMA-20 (purple) has stuck to the SMA-50 (white) and is looking for a negative crossover, which projects a bearish trend. The price is also below SMA-100 (yellow). Investors may perceive SMA-20 and SMA-50 are going to intersect in the future trading sessions, and the price will also follow the negative trend.

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RSI indicator (BEARISH), with a value of 31.75, indicates a sell signal in the coin. Moreover, Investors can see a downward slope from 53 to 31 in the index, which may plunge more in future trading sessions.

Bears Hunting Monero Price Action

Monero price traded at $216 with a loss of 7.80% in the last 24-hour and 3.20% down in the weekly time-frame. Furthermore, Monero price plunges below the resistance of $240. In contrast, the market capitalization stands at $3.86 billion. Technically, investors can perceive a negative crossover in SMA in future trading sessions, Moreover, the price movement can be towards the next support of $201.

Resistance: $240

Support: $215, $201

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Nikhil Ingole
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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