Monero Price Analysis: XMR Trading below Downward Sloping Line, What’s the Bullish Plan?

  • Monero’s price is currently falling below a downward sloping line over the daily chart.
  • The crypto asset fell below the 20, 50, 100, and 200-day Daily Moving Average.
  • The pair of XMR/BTC is at 0.006279 BTC with an intraday gain of 1.37%.

Monero price is trading with downtrend momentum over the daily chart. The token is trying to gather support from the bulls as it is falling below a downward sloping line over the chart. However, the volume change is in favor of bears and bulls must try to accumulate themselves to sustain at the current level. 

XMR coin has been trading below a negative sloping line and bulls tried many times to sustain but failed and got detained instead. Monero needs to attract more buyers in order to skip falling below the negative sloping line over the daily price chart.

Monero’s price is presently CMP at $186 and has lost 4.32% of its market capitalization in the last 24-hour period. Trading volume has declined by 15% in the intraday trading session. This shows that XMR is getting trapped by bears and XMR is currently facing short-selling pressure. The volume to market cap ratio is 0.03349.

Monero’s price is trading below a negative sloping line over the daily chart. The token tried to gain the uptrend momentum over the daily chart but bulls failed to sustain and now XMR price is facing a correction. Meanwhile, volume change can be observed below average and needs to grow exponentially to register XMR token’s breakout. 

Support on the lower end is at $170 and resistance on the higher side is at $200.

Will XMR Reach $200 Primary Resistance Level?   

XMR coin price has been falling with a steady downtrend momentum over the daily price chart. The token is trying to gather support from the bulls but fails to sustain and it keeps on declining. 

As soon as XMR gets support then the investors may witness the token’s breakout from the downward sloping line. As a result, XMR may surge above $200 primary resistance level as soon as XMR bulls successfully sustain at the verge of a negative sloping line or the barrier. 

Technical indicators suggest a downtrend momentum of Monero’s price. The relative Strength Index showcases the downtrend momentum of XMR coin as the token is declining below neutrality. For the time being, MACD also exhibits bearish momentum of the XMR coin. 

The MACD line is approaching the signal line for a negative crossover. Monero investors need to wait for any directional change over the daily chart to conclude anything about the Monero(XMR) coin price.

Conclusion

Monero price is trading with downtrend momentum over the daily chart. The token is trying to gather support from the bulls as it is falling below a downward sloping line over the chart. As soon as XMR gets support then the investors may witness the token’s breakout from the downward sloping line. As a result, XMR may surge above $200 primary resistance level as soon as XMR bulls successfully sustain at the verge of a negative sloping line or the barrier. 

Technical indicators suggest a downtrend momentum of Monero’s price. Monero investors need to wait for any directional change over the daily chart to conclude anything about the Monero(XMR) coin price.

Technical Levels

Support Levels: $170

Resistance Levels: $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.