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•XMR/USD is currently priced at $230.54 and has increased by 0.01% over the past day
•The trading volumes have decreased by 9.57% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: XMR Coin needs buyers to negate the selling vigor
The Monero price today is $230.54 USD with a 24-hour trading volume of $205,598,582 USD. XMR Coin is up 0.01% in the last 24 hours. The trading volumes have decreased slightly over the past day, amid increased selling activity taking place at the current price levels. The Volume to Market Cap Ratio stands at 0.04923 for the altcoin.
Monero has been falling underneath a descending resistance line since reaching an all-time high price of $517.62 on May 07, 2021. The market structure on the four hour time frame is heavily bearish, with the cryptocurrency trading well below the 20,50 SMA on the four-hour time frame. As long as the price remains below the resistance at $238.42, the market sentiment is likely to favor the bears. The first bearish objective is located at $222.50. The bearish momentum would be revived by a break in this support. Sellers would then use the next support located at $214.64 as an objective.
Long Term View for XMR Coin
The technical indicators for Monero are bearish as the RSI is currently transacting at 47.60. A move above the halfway mark would signal a revival from the bulls. The MACD indicator shows the red histograms increasing in size rapidly, with the gap widening between the MACD and signal line as well. Thus, XMR Coin is likely to continue its descent in the days ahead.
Conclusion
The technical analysis for XMR Coin suggests a hawkish outlook, as it continues to be engulfed in a bearish cloud. Thus Monero is likely to continue its downtrend in the near term.
Support: $222.50-$214.64
Resistance: $238.42-$248.49
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
