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•XMR/USD is currently priced at $176.45 and is down by 3.33% over the past day
•The technical indicators suggest the bearish momentum to continue
•The trading volume has decreased by 6.96% over the past day
Short Term View: Bull’s endeavors fall flat in the face of selling pressure
The Monero price today is $176.45 USD with a 24-hour trading volume of $118,461,187 USD. Monero is down 3.33% in the last 24 hours. The trading volumes have decreased over the past day amid increased selling pressure whereas the Volume to Market Cap Ratio stands at 0.03702 for the altcoin.
May 07, 2021, marked the all-time high for Monero as the asset reached $517.62. A series of corrections since, however, has taken the luster off its value. It is currently in the midst of a downtrend, with the altcoin trading below the 20 and 50 SMA on the 4-hour chart. Monero is potentially trading inside a parallel channel and seems a long way off its short-term resistance placed at $185. The buyers appear to be exhausted today and the support level placed at $172 will be of utmost importance to the bulls. If the bears are able to reel in the bearish momentum, then they will encounter the next significant support zone of $160.
Long Term View for XMR
The technical indicators for the Monero coin suggest the bearish sentiment to prevail in the short term, which could see the altcoin continuing to move downwards. The RSI indicator stands in the neutral territory at 43.70 and has moved below the 14-day average line, which suits the bears perfectly for the near term. On the other hand, the green histograms have given way to the red ones on the daily MACD chart due to the occurrence of a bearish crossover. The MACD and signal lines are still transacting in the negative territory and the selling pressure doesn’t look like fading away anytime soon.
Conclusion
The technical indicators for XMR paint a bearish picture which is likely to see the altcoin continuing to move downwards. Hence the nearest support in this scenario becomes of utmost importance to the bulls.
Support: $172-$160
Resistance: $185-$200
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.
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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.
