Price Analysis

Monero (XMR) Continues to Witness Bears for the Fifth Straight Day

  • Monero has recently formed a bearish candle; yet to give any sign of recovery
  • Bollinger bands indicate a volatile phase; SMA lines still look bearish
  • The XMR coin is looking for a bottom; calls for a support level

The crypto market has failed to strike a robust price recovery, and Monero is no exception. The 5-day chart appears bearish enough, and the coin needs a decent support level to start an uptrend.

Monero Price Analysis

On November 17, XMR had opened at $61.3594 and remained in the same price range till the next day, except for a few plunges at $60. The coin took a notable fall on the next day when it tumbled to near $58.13. Monero, instead of striking a rebound, remained below $60 till it saw another major price fall yesterday when it traded even below $55 and traced a close at $53.87. Before closing on the day, it climbed above $54. XMR coin has resumed the price fall today also. At 10:28:59 UTC, Monero is trading at $50.31.

Monero News
Monero Price Chart By TradingView

Technical indicators are giving extremely negative signs at the moment as the short term SMA line is below the long term SMA line. MACD chart has just formed a bearish crossover while RSI is even below 30, noting an oversold phase. Notably, the coin is trading under +a strong selling pressure.

Monero is likely to see resistance at $57.25, $60.36, and $62.21 and support levels at $52.29, $50.44, and $47.33.

Tags

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
Back to top button
Close