- XMR coin chart shows a death crossover of the 50 and 200-day EMA in the daily time frame
- The XMR/BTC pair was trading at 0.006192 BTC with a loss of 1.63 %
- The current price of the XRM coin is $184.1, with an intraday loss of 2.48%
The XMR coin shows a formation of a descending triangle pattern in the daily frame. The price is currently at the key support of this pattern and suggests another bounce from here with a bullish hammer candle.
This $180 support level is quite crucial for the XMR coin in itself, as the price had jumped exactly from this level after the bloodshed in May and June. Therefore, a breakout from this support level would provide a great short opportunity for XMR traders.
Concerning the EMA’s, the XMR coin shows a strong bearish trend as the price is trading below all the crucial EMA’s 20, 50, 100, and 200. Moreover, the chart also shows the 50 EMA and 200 EMA death crossover, encouraging the ongoing bearish trend. As for the 20 EMA, it provides excellent dynamic resistance to the price.
The RSI (BEARISH) value is at 34, indicating a strong bearish momentum in the coin.
XMR Coin Traveling In A Falling Pattern Channel
THE XMR coin price started wobbling in a falling parallel channel pattern after getting rejected from the overhead resistance trendline. This pattern could provide extra confirmation to the XMR traders preparing to trade daily descending triangle patterns.
The MACD indicator (BEARISH) shows that both the MACD and signal lines move below the neutral zone(0.00), indicating bearish momentum in the coin.
Conclusion: From the technical perspective, the overall trend in the XMR coin is strongly bearish. As mentioned above, the price is sitting at the support level of the descending triangle pattern. Thus to complete this pattern, the price needs to give a decisive breakdown from this support, providing an excellent short opportunity with one to two traditional pivot levels target for the XMR traders.
Support– $180
Resistance– $204