- Monero Price might see further downfall if it fails to hold critical support levels.
- Monero price is below the 200 day moving average, bulls losing strength!
- XMR/BTC is currently trading at 0.005625 BTC with an intraday loss of -3.97% while XMR/ETH is trading at 0.07800 ETH with an intraday change of -2.74%.
Monero Price is currently below the significant 200 and the 50 day moving averages. Though Monero is below the 200 day moving average, it is trading above the 100 day moving average. There is a type of consolidation going on where the 100 day moving average is acting as support. This is a crucial point where the Monero bulls are trying their best to break the price above the 200 day moving average. Both 50 and 200 day MA are close to a crossover, where today the bulls were trying to break the 200 day moving average but this resulted in more selling pressure and hence was unable to break.
The Moving Average Convergence Divergence (MACD) is indicating a negative momentum in the Monero price action. The MACD line and the Signal line are both below the zero line with the histogram creating red bars. The MACD line is below the signal line indicating the bulls losing strength. The 100 day moving average will be acting as a crucial support where if the price fails to sustain, we may see more bleeding in the Monero Price.
The Fibonacci indicator is suggesting a crucial support just below the 100 day moving average at $240price level. If the price fails to keep above this support level, $216 will be an important support to look for. A further downfall below $216 might take us to $178 price level. The price currently is trying to hold above the immediate support suggested by the Fibonacci indicator. The important resistance levels according to the Fibonacci are at $277.9, $305 and $339.4
The Relative Strength Index (RSI) is approaching downwards and is currently below the neutral zone. The RSI is now sitting at the 43 level which might fall further down to touch the overbought zone. Though the bulls are trying hard to sustain themselves, the bears might perhaps laugh in the short run.
Note: Moving Average 50,100 and 200 are coloured Yellow, White and Red.
MACD line is Blue while the Signal line is Red.
The important support and resistance to look for are:
SUPPORT: $240, $216, $178
RESISTANCE: $277.9, $305 and $339.4
Takeaway: If the price fails to hold the support levels mentioned above, we might see bleeding in the Monero price. Considering the technicals, we are likely to see bears rejoicing in the short term.