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- 1 Moenro price is trading below the key moving averages showcasing bearishness.
- 2 XMR price is taking rejection from the upper resistance levels and showing the dominance of bears.
The price of Monero crypto has been declining for a year, as it met strong resistance and made lower highs. It means that the sellers have dominated and the crypto has lost its drive. The crypto has also fallen below the key moving averages, which signals more weakness.
The crypto has formed a bearish pattern and wiped out the profits it gained in the previous month. The Monero (USD: XMR) crypto has gone back to its previous low level, which could serve as a support. The technical analysis indicates that the crypto is undervalued and could recover from the low levels. However, the crypto has to display some evidence of power and reversal before validating a bounce.
The Monero crypto (USD: XMR) price is in a correction stage but trading close to vital support levels. A bullish candle, if formed, shows buyers are active and will attempt to rally. The XMR crypto price is trading at $158.64 with a 0.74% increase within the day.
If the buyers manage to protect the current support, the chance of a bounce will increase. However, if the selling pressure persists and Monero crypto falls below low levels, then more decline is possible.
Buyers attempted several times to break the high range and move upward. However, due to the strong resistance of sellers, the price faced rejection. It shows sellers are still present on high levels.
Monero Price Technical Analysis: Will XMR Crypto Rebound In 2024?
The Monero price is trading below the downward-sloping 50-day and 200-day EMAs, showcasing a downtrend. However, the Monero price has not gone so far from the EMAs.
The MACD generated a negative crossover and the histogram is also red indicating bearishness.
The current value of RSI is 50.85 points. The 14 SMA is below the median line at 44.75 points, which indicates that the Monero crypto is bearish.
Weekly Time Frame Analysis of Monero Price
The Monero crypto has shown sellers’ strength on the weekly charts. Moreover, the price traded below the key EMAs, which shows further weakness in the crypto. The RSI curve is near the oversold region at 38 and a negative outlook was noted, indicating bearishness in the crypto. The MACD indicator also persisted to form red bars and a bearish crossover was noted, which signals corrective moves.
Summary
Monero (USD: XMR) technical oscillators support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the XMR crypto price. The Monero Price action indicates that the investors and traders are negative on the daily time frame. The price action mirrors a bearish viewpoint at the moment.
Technical Levels
Support Levels: The Monero crypto price may find support at $150.00 and $141.00, where it could bounce back or stabilize.
Resistance levels: The XMR crypto price may face resistance at $178.87 and $170.00, where it could reverse or consolidate.
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 own research before making any financial decisions.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
