Monero Price Analysis: XMR Coin Lacks Momentum, Struggles Near Support Zones

Fibo Quantum

  • The price trend of XMR consolidates below the 200-EMA in the intraday session
  • XMR/BTC pair is trading neutral by 0.5% at 0.00625051 BTC
  • The 24-hour trading volume in Monero is $155.136 Million

The daily technical chart of XMR coin displays the price is struggling below the 200-MA. According to Pivot points (FIB), XMR’s crucial support level is $190. Conversely, if it moves up, the necessary resistance level to observe is at $240. Thus, while the intraday chart forms a Doji star candlestick pattern, predicting prices may consolidate with high dependability.

The exponential moving average (EMA) composed of 50,100,200-EMA can be a reliable support for currency price changes. However, investors can notice the price moves below the orange line, ensuring a downward trend until the price remains below the EMA-200. 

Volume of (759) is beneath the MA of 20-days (2.248K). selling pressure is low in Monero, making its price remain in a lower zone. Investors may also observe diminishing volume bars in the chart, which indicates a big move is expected in upcoming trading sessions.

The Schaff Trend Cycle indicator (bullish) with a 99.93 represents a buy signal in the coin, projecting an uptrend. Additionally, Investors can see a green buy signal and an upward curve in the index.

Monero (XMR) Coin May Touch Support And Launch

XMR coin is at $206, with a daily loss of 2.4% and a weekly drop of 4.4%. The STC indicator shows a buy signal, and the traders have guided low selling pressure. Technically, the price is showing weakness and struggling beneath the EMA-200. In addition, price moves below moving averages and consolidates around the support level. Therefore, as with overall market sentiment, the trend remains bearish.

Resistance: $240

Support: $190

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