- Monero (XMR) reflected the Dragonfly Doji candle on June 15 during sharp-selling.
- Despite the bullish signal, Monero investors are battling a retracement phase in the intraday trading session.
- The bulls barely managed to hold XMR cost above the conceptual round level of $100 – the crucial support level.
Monero coin is ending for a downtrend as bears continue to reject the trend reversal. The ongoing cryptocurrency collapse propelled the XMR price towards the conceptual round level of $100.
Monero (XMR) mirrored last night’s Dragonfly Doji candle, but Monero investors are struggling with a retracement phase in the intraday trading session despite bullish signs. As a result, the XMR token was trading at the $109 mark at the time of writing.
According to CMC data, XMR has a market cap of $2 billion, an increase of over 4.5% over the past 24 hours. Despite the sell-off, the bulls barely managed to hold XMR cost above the conceptual round level of $100 – the crucial support level.
XMR and BTC pair price is showing a decline of 2.6% at 0.005044 Satoshis. During the downtrend, traders have been battling unidirectional spikes for the past two days.
During a sell-off, increasing volume is a clear sign of strength of the bears. But near $100, the bears are becoming weaker than the buyers. But there is still uncertainty in the Monero coin.
XMR coin again turned bearish in an intraday trading session
On the daily price chart, Monero coin is trading below pivotal EMAs like 20,50,100 and 200 (bearish trend).
The daily RSI indicator is looking at oversold zone and it may reflect a reversal signal in the coming week.
ADX is located at 26-point, which is showing strength in the ongoing trend of XMR.
Conclusion
There is panic selling throughout the cryptocurrency market but still long term investors are hoarding altcoins in the fall. Hence the price of Monero (XMR) needs to manage above the $100-mark to protect the bulls from overselling.
Support level – $100 and $75
Resistance level – $160 and $200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.