Monero Price Analysis: Bears Hunting The Price Of XMR Token

  • Monero token price action projects downtrend with an overall market sentiments on intraday session
  • The 24-hour volume in XMR increases around 21.13% at $864,879,542
  • The XMR/BTC pair was trading at 0.006041 BTC with a decline of 5.80%

The 4-hour technical chart of the Monero token price movement exhibits minor signs of recovery after framing a lower low of $155 yesterday. According to pivot levels, the XMR significant support level is $170. Whereas if it goes up, the primary resistance level to watch is $300. The weekly chart of a 4-hour time frame shows a bearish engulfing candle with a small wick describing bears in control of the coin.

The Schaff Trend indicator (BEARISH) with a value of 0 describes a sell signal in the coin.. Investors may observe a downward curve in the index. It may remain in a negative territory for the upcoming trading sessions.

The Moving Average Exponential (EMA) consists of 20-EMA and 50-EMA, acts as reliable support in the coin’s price movement. Investors may witness the yellow line is getting close to the red line and the price is way below EMA lines, so until the price stays below the EMA it will assure XMR’s negative trend.

The volume of (56.66K) is upward of the Volume MA (11.13K) of 20-days. High selling pressure is directed in Monero to drive its price to lower levels.

Monero (XMR) Token Recovers Upto 60% After Market Crash

Monero token price traded at $244 with 5.80% in the last 24-hour and 37.80% loss in the weekly time frame. Moreover, the XMR price plunged at $155 and later witnessed a sudden spike up to $244 on an intraday session. In contrast, the market capitalization stands at $4.35 billion. Technically, investors can perceive 20-EMA is getting closer to EMA-50 and the price is way below the EMA . Moreover, the STC indicator forecasts a sell signal in the coin and values 0. Additionally, the price movement can be towards the support of $175 in future trading sessions.

Resistance: $300

Support: $175

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