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- 1 Monero crypto shows selling pressure and is heading toward the demand zone of $150.
- 2 Sellers have gained momentum and looked aggressive in the past sessions.
Monero price has been struggling to break above the $178.87 resistance level and has been stuck below it. Currently, Monero cryptos need more buyers to support an upward movement toward recovery. However, the trading volume is low, which indicates a lack of interest and momentum. At the same time, Monero cryptos have broken below the 20, 50, 100, and 200-day daily moving averages, which are bearish signals.
Monero crypto price lost 12.51% last week; it fell by 9.84% in the month. Moreover, XMR cryptos witnessed a decline of about 7.14% in the past six months and a plunge of 6.71 years to date.
Also, the XMR crypto price has a minimal gain of 3.56% over last year. These trends collectively show the challenges faced by Monero cryptos in their recovery efforts throughout the year.
Technical indicators suggest the downside trend of Monero’s crypto price. Relative strength index showcases and moving average convergence divergence (MACD) both indicate the slippage of Monero crypto price.
The price at present requires substantial support from the buyers to make a recovery as it is facing major resistance from the previous resistance points and multiple moving average levels. According to the candlestick patterns, sellers are pulling the price action into their grasp.
The price may soon attempt to make a bullish recovery. However, as it trades below the key EMA levels, the buyers will have to face multiple resistance levels to attain the target. Buyers are presently making continuous efforts to retake charge of the trend.
On the daily charts, Monero crypto shows sellers’ dominance and slipped below neutrality, showing a negative outlook on the charts near the lower Bollinger band.
Technical Evaluation Of Monero Crypto
At the time of publishing, Monero crypto (USD: XMR) is trading below the 50 and 200-day SMAs (Simple moving averages), which are supporting the price trend.
The current value of RSI is 31 points. The 14 SMA is above the median line at 48 points which indicates that the Monero crypto is bearish.
The MACD line at -2.75 and the signal line at -2.15 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the XMR crypto price.
Overall, the technical indicators and price action suggest that Monero crypto is bearish and that the downtrend may continue.
Summary
Monero (USD: XMR) technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the XMR crypto price. Monero Price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Support Levels: $149.84 and $141.86
Resistance Levels: $178.87 and $158.89
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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.
