Monero Price Analysis: XMR Crypto Under Grip of Bears

Fibo Quantum

  • The Monero crypto is in a downtrend, around -1.3%, during the intraday trading session.
  • The 24-hour trading volume is at $226 million.
  • XMR/BTC pair is trading positive by 1.7% at 0.00561699 BTC.

Daily technical chart and price trend of Monero crypto are showing a downward trend. Based on the pivot level, the initial support level is 225 USD. From another perspective, if it accelerates, the resistance level to watch is 285 USDT. Although the chart created a Bearish inside candlestick pattern during the day, the price is expected to remain downside with medium reliability.

Ichimoku Cloud is composed of lead-1 and lead-2, and the displacement value is 1. It operates as a pivot level and leading indicator of asset price changes. Investors can see that the price drops below the Green Moku Cloud and is now trading below the Green Moku Cloud, ensuring the bearish trend of XRM if the price stays below the cloud.

Trading volume (2.302 K) is below the 20-day moving average (12.663 K). In short, the low volume caused the price to dwell around the support zones. Investors may also notice that the volume bars on the chart are declining, which indicates that surprising volatility is expected in the next trading days.

The RSI indicator gave a (bearish) signal with 40, projecting a sell signal in the coin. Investors may observe a declining slope from 62 to 40. It may plunge in future trading sessions.

Monero Crypto Can Reach $226 Support in Short-Term

The price of Monero today is $ 250.89 with a trading volume of 24 hours of $ 226,777,744. The XMR price has been low -1.3% in the last 24 hours. It has a circulation supply of 18 million XMR coins and a total supply of infinite. The RSI indicator shows a sell sign, and the traders have led to low volume. Technically, the price resides in the support areas and continues in a downtrend. Accordingly, as with the overall market viewpoint, the trend remains bearish for upcoming trading sessions.

Resistance Level: $285

Support Level: $225

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