- Monero performed a negative momentum on Wednesday’s trading session
- XMR coin price is $133.18, which is down by 3.68% in last 24 hour time-frame and 11.98% down from the previous week
- XMR/BTC pair is positive with a gain of 1.23% in Wednesday’s trading session (0.004292)
XMR coin had negative momentum on the weekly chart, and it went up to $189.28 on January 10, 2021, while breaking above the resistance zones created in the past. XMR price set a mark of 52-week high with help of overall market conditions. Meanwhile the trading volume $1,228,029,520.94 in last 24 hour time-frame represents a decreasing value -42%. The XMR/ETH pair is in an uptrend with a value of (0.10414) which is up by 2.94% in Wednesday’s trading session.
Monero Technical Chart Indicates a Negative Momentum
The technical chart of Monero highlights a negative trend. While XMR coin price is at $133.18. According to pivot points, the key support levels for XMR are placed at $125.64 followed by $115.55. If it moves up, the key resistance levels to watch are $158.50 and $168.91. While Diving into the weekly chart of 30-minute time frame, it forms a bullish engulfing candlestick pattern, indicating the bulls have overwhelmed the bears and are now in control.
If we look at 20 & 50 days, the exponential moving average (EMA), 20 EMA (blue line) is at $145.55, and 50 EMA (purple line) is at $145.43. The price is below both the EMA and can expect a bearish trend in the coin for the upcoming trading sessions.
Volume indicator with the value (1.331K) reflects a low selling volume in coin. One can further expect an increase in selling volume in the upcoming trading sessions.
MACD indicator (Bearish), No bullish crossover signal line was spotted on January 27, 2021, during the trading session it indicated a sell signal in the coin. Also, it denotes massive red bars on Histogram.
Meanwhile, the RSI indicator (Bearish) with a value of 40.43 indicates a sell signal in the coin. Investors can expect a bearish trend for upcoming trading sessions.
Conclusion
XMR coin price is down by 3.68% on Wednesday’s trading session. The price plunges below both the EMA. All technical indicators suggest a sell signal in the coin till the support of $125.64 in next few trading sessions.
Resistance: $158.50, $168.91
Support:$125.64, $115.55
