Monero Price Analysis: XMR Coin Did Not Break Through EMA-200

  • The price trend of XMR coin is on a downward trend intraday.
  • XMR/BTC pair is trading positive by 4.7% at 0.00613751 BTC
  • The 24-hour volume in Monero is $3.771 Billion

The daily technical chart of XMR coin is struggling below the EMA-200. According to the pivot level, the important support level in XMR is $180. However, if it does go higher, the key observational resistance is $315. In addition, the chart also has a bearish inside candlestick pattern, showing bearish reversal with medium reliability. 

The exponential moving average (EMA) composed of 200-EMA serves as reliable support for currency price changes. Investors can observe that the price moves below the red line, ensuring a downward trend in XMR until the price stays below the EMA.

The CCI indicator gave a (bearish) signal with -125.70, projecting a sell signal in the coin. Investors may observe an inclining slope from -235 to -125. It may move towards neutral territory in future trading sessions.

Volume (1.131K) was lower than the 20-day moving average (3.621K). Traders are guiding selling orders to bring their price levels into negative territory. Investors can also observe sufficient volume on the chart, which indicates that a big move is expected soon. 

The Parabolic SAR indicator also implies a sell signal during the session, and it will ensure a downward trend in XMR unless the yellow dot stays above the price candle.

Monero (XMR) Coin Is Under Selling Pressure

XMR coin is at $208, with a daily loss of 1.10% and a weekly drop of 24%. In addition, price breaks below moving averages and rebounds from the support level. The CCI indicator shows a sell signal, and the traders have guided the selling pressure. Therefore, the parabolic SAR indicator indicates a sell signal. Technically, the price is showing weakness and struggling beneath the EMA-200. Therefore, as with overall market sentiment, the trend remains bearish.

Resistance: $315

Support: $180


Be the first to comment

Leave a Reply

Your email address will not be published.


*