Pattern Points to a Bearish Move

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Monero price movements in Tuesday’s session are comparable to those of Bitcoin and other altcoins. Earlier in the day, bulls lacked enough momentum to push the leading crypto to the crucial level of $50,000. Notably, it has pulled back after reaching an intraday high of 49,815.99. Ethereum Classic, Solana, and Ripple are some of the altcoins that have exhibited a similar trend.

According to CoinMarketCap, Monero’s market cap has risen by 1.57% to $4.70 billion. At the same time, its trading volume is down by 6.75% over the past 24 hours.

Monero price prediction

XMR has pulled back from Tuesday’s intraday high of 269.67. Over the past week, it has surged by about 14.85%. At the time of writing, it was down by 0.3% at 263.22.

On a two-hour chart, Monero price is trading above the 25 and 50-day exponential moving averages. While these technical indicators point to further gains, the formation of arising wedge hints at a probable trend reversal. Granted, the pattern is still in its formation stage.

In the near term, Monero price will likely find resistance at 270. On the downside, a move below the support zone of 259.92, which is along the 25-day EMA, will mark the start of a downtrend. If that happens, 255.62 and the psychological level of 250 will be the levels to watch.

Monero price
Monero price

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