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•XMR/USD is currently priced at $151.12 and has increased by 6.46% over the past day
•The trading volumes have reduced by 28.85% over the past day
•The technical indicators suggest weak sentiment in the market to continue.
Short Term View: Monero stuck in a rut as bears take lead
The Monero price today is $151.12 USD with a 24-hour trading volume of $126,445,960 USD. Monero is up 6.46% in the last 24 hours. The overpowered uptrend has broken out of the rising parallel channel thanks to the tremendous rise in buying pressure. The trading volume has reduced over the past day, suggesting decreased investor activity. The Volume to Market Cap Ratio, on the other hand, stands at 0.04627.
The bearish momentum is in full swing as the Monero price has taken a turn for the worse over the past few days. The altcoin trades below the 20 and 50 SMA on the 4 hour chart,lending credence to the bearish outlook. In the event of further downside volatility, the coin is likely to find refuge at $145, failing which the next support level lies at $140. The resistance, on the other hand, is firmly placed at $157. Hence it is very important for the bulls to remain active without getting exhausted in order to hold crucial support.
Long Term View
The technical indicators for Monero suggest a bleak outlook for the coin in the near term. The increasing bearish grip is illustrated by the RSI as it hovers near the oversold region, currently standing at 39.33. The MACD also cements the growing influence of the sellers over the price. The histograms have wandered off into the negative zone while the gap between the MACD and signal line keeps increasing, indicating that the bearish momentum is in full swing.In addition, the bearish divergence from the MACD signals that selling pressure is bound to rise in the coming sessions.
ALSO READ: Is Pirate Chain offering better privacy than Monero?
Conclusion
The overpowered uptrend has broken out of the rising parallel channel thanks to the tremendous rise in buying pressure. If the buying volume mounts up, a breakout may occur and catalyze the bullish rally and help XMR price to hit the $200 milestone before the end of this month. On the contrary, if the selling volume mounts up, then the chances of plunging below the support appear pretty high. Hence, we are presented with the possibility that the coin would enter the consolidation phase in the next few days, collect liquidity and move towards the band of resistance placed further ahead.
Support: $145-$140
Resistance: $157
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
