EagleFX

Monero price declined steadily from the $110.00 swing high and settled below $90.00. XMR could revisit the key $70.00 support area before it could start a decent recovery.

  • Monero price declined below the $100.00 and $90.00 support levels.
  • There are two key bearish trend lines forming with resistance near $90.00 on the 2-hours chart.
  • XMR could continue to decline towards the $70.00 level before it could recover above $100.00.

Monero Price

Monero Price Analysis (XMR To USD)

After struggling to climb above the $110.00 resistance, monero price started a significant drop. XMR price broke the $100.00 support area to enter a bearish zone. Besides, the recent decline in bitcoin and Ethereum accelerated losses in XMR below the $90.00 support level.

Monero Price Analysis (XMR To USD) Chart

Click to Enlarge Chart

Looking at the 2-hours chart of XMR/USD, the pair gained bearish momentum after it broke the $90.00 support level and settled below the 25 simple moving average (2-hours).

As a result, the price broke the $82.00 and $80.00 support levels. A new monthly low was formed near $76.28 and the price recently started an upside correction. It broke the $80.00 and $82.00 resistance levels.

Moreover, there was a break above the 50% Fib retracement level of the last drop from the $98.34 high to $76.28 low. The price even climbed above the $88.00 level, but monero struggled to continue higher above the $90.00 resistance.


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The price was rejected near the 61.8% Fib retracement level of the last drop from the $98.34 high to $76.28 low. More importantly, the price failed to settle above the 25 simple moving average (2-hours) and it is currently declining towards $80.00.

On the upside, there are two key bearish trend lines forming with resistance near $90.00 on the same chart. Therefore, a successful close above the $90.00 resistance area plus a close above the 25 simple moving average (2-hours) is needed for a strong recovery towards $100.00 or even $110.00.

The overall price action is bearish and suggests that monero could continue to slide below $80.00 in the near term. The main support is near $70.00, where XMR is likely to find a strong buying interest.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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