- XMR price shows a breakdown below $150 and a bearish outlook.
- Bulls were trying to defend the selling pressure.
Monero price was caught with a breakdown below the 20-day EMA, showing intense selling pressure in the last week. Moreover, the price action shows narrow range moves and struggling action of XMR. The buyers tried to hold the range, but sellers persisted in forcing them to drag towards the secondary support mark of $130.
Recent price action shows that XMR coin was in the consolidation state and spent time in a narrow range where no decisive move was made afterward due to the headwinds in the crypto market in the past trading session resulting in the breakdown of the cage pattern. This breakdown slips the coin below 20-day EMA and from the support of $150.
The technical parameters plot negative cues based on the last session breakdown on charts. However, buying was noted just after the breakdown, whereas sellers continued to make short positions and try to break the momentum.
When writing, the XMR coin trades at $147.70 with an intraday drop of 3.17% showing reversal near support. Moreover, the pair of XMR/BTC is at 0.00546 BTC, and the intraday trading volume increased by 2.70% to $89.10 million. The day high of XMR is $148.38, and the day low is $140.99. The market cap of XMR is $2.68 Billion.
Daily Charts Shows Hawkish Moves
On the daily charts, the XMR coin shows a hawkish move and slid below the critical mark of $150, but buyers hold tight on the range and are looking for a significant bounce. However, the technicals suggest that if the coin stays in the range, the bounce will be towards $155 near the 20-day EMA, whereas strong support is near $132.
Meanwhile, if the coin retests the support mark and does not stay in the range, more bearishness in the coin will lead to a fresh downtrend.
As per the recent candlestick formation, a tweezer top was noted, and bearishness was floated on the charts.
Short term charts shows Selling Presure
On the 4-hour charts, the XMR coin shows a bounce amid the decline below 20-day EMA, where buyers try to stay in the range. Moreover, when the coin slipped below the lower Bollinger band in the last session, mighty bears continued to put efforts to throw the price towards the strong support mark of $130.
The RSI sharply rose from the oversold region and tried to hold neutral marks, where a positive divergence was noted. Moreover, buying accumulates and is willing to sustain on a 20-day EMA.
The MACD indicator was noted with a bullish crossover and began to plot green bars in the last session, showing that buyers attained a bounce amid the breakdown.
Conclusion:
XMR coin shows a hawkish move and rejection from the 20-day EMA, which suggests a rise in volatility.
Technical Levels:
Support Levels:$132
Resistance Levels:$150 and $160
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.