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- 1 Monero price is currently trading below the key moving averages showcasing bearish momentum.
- 2 XMR price fell -10.42 % this month showing bears took control over the trend.
Monero price forecast implies that the crypto trades in an interesting sloping pattern. The crypto struggles to move above 20, 50, 100, and 200-day daily moving averages. The XMR price prediction shows that the crypto is trying to break the upper trendline on the daily time frame chart. Monero crypto needs to increase the positive momentum in order to break out from the descending pattern. However, sellers may approach 50-EMA which is acting as a resistance to the crypto price.
Monero price prediction implies that investor sentiments regarding Monero have turned bearish. Investors may prefer to keep a keen watch over the crypto. Presently, the XMR price is below all the key EMA and MA levels.
The present value of Monero is $142.06. However, the 24-hour trading volume ($51,088,010) increased by 10% in 24 hours and the current market cap of the crypto is 2.602 Billion which increased by 1.30%. Its fully diluted market cap is $2.602 Billion. The crypto has a circulating supply of 18.327 Million.
XMR has performed poorly this year. The year-over-year returns are -3.45% while returns over the past 6 months are -5.45%. The return was -10.42% last month and -2.32% last week. Technicals signal selling pressure while the technical oscillators indicate bearishness. The moving averages are also on the strong sell side. This shows bearish dominance in the market.
Monero (XMR) Fell 10%; Will the Downfall Continue?
At the time of writing, Monero crypto (XMR) is trading beneath the 50 and 200-day daily moving averages, which demonstrates bearish momentum. Nevertheless, if more shorting adds up, then the price might conquer supporting DMAs by making lower highs and lows. Hence, the Monero price is predicted to move downwards presenting bearish sentiments over the daily time frame.
The current value of the RSI curve is 38.32 points. The 14 SMA is below the median line at 36.74 points which indicates that the Monero crypto is bearish. The MACD curve at -3.66 and the signal line at -3.85 are above the zero line. A bearish crossover is observed in the MACD which signals more bearishness for the Monero crypto price.
Summary
The market sentiments regarding Monero are looking bearish at the moment. Heavy shorting has been seen in the crypto price which takes the XMR price below the key moving averages of 20, 50, 100, and 200. The current scenario demonstrates bearishness. However, the $132 level is strong support for the crypto and if sellers want to continue the trend then they have to smash this key support level.
Technical Levels
- Support Levels: The nearest support levels are $135.00 and $130.00.
- Resistance levels: The nearest resistance levels are $150.00 and $155.00.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
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.
