- Monero price has been struggling between the $180 and $110 marks for a year.
- XMR crypto price has been defending the $100 mark for over two years now.
Monero price chart structure displays that the price has faced resistance from the $180 mark and witnessed selling pressure since the beginning of this year. XMR coin price has been declining by forming lower lows and lower highs. Since January, the Monero crypto price has failed to surpass the 200-day exponential moving average, which suggests the sellers’ grip.
For the last two months, the Monero crypto price has been falling by facing resistance from a trendline and defending the $100 mark. The price has melted to the support level of $110, near the multi-year low.
According to the market cap, Monero Crypto ranks 46th in the cryptocurrency market, and the fully diluted market cap is $2.17 Billion. The circulating supply and total supply is 18,425,595 XMR.
Price vs Volume Analysis
The volume and price graph displays that the trading volume has been constant for the last few months, but XMR crypto price has reacted negatively. On March 28, 2024, the trading volume was pumped by approximately 600% but was dumped within a few hours. These changes in volume have left a positive impact on the price.
Social Dominance & Social Volume Analysis
As for the graph of social dominance and volume, social media awareness has decreased for the last few weeks, dragging down the price. If social dominance and volume increase, the Monero crypto price may gain bullish momentum.
Monero Price Technical Analysis Over Daily Timeframe
Monero crypto price has witnessed slow and steady loss for the last few days. The XMR price has respected the $180 mark for over a year. Suppose the price fails to defend the $110 level and sustains, selling pressure for the last few weeks or months can be easily detected.
On the other hand, if the XMR price triggers a breakout from the trendline, the buyers may lift the cost to the $180 mark. Suppose the price reaches the $180 level and triggers a breakout after the consolidation; investors may show their faith for the long term.
Turning to the technical indicators, the Monero price is trading below the significant moving averages, showcasing the negative sentiment. RSI is at 40 and below the RSI-based moving average.
Monero Crypto Price Is Struggling In A Parallel Channel; What’s Next?
The current market price of Monero is $118.23, up by 1.62% in the past 24 hours. The 24-hour trading volume is $50.01, dropped by 13%, and the market capitalization is $2.17 Billion.
On a weekly time frame, the Monero price has struggled in a parallel channel for over two years. The XMR price has been negative below the 200-day exponential moving average. If the price surpasses the 200-day EMA, it may extend to the $200 hurdle.
Suppose the Monero coin price starts trading below the $100 level; it may quickly melt to the $77 level. If it fails to defend the $77 mark, selling pressure for the long term can be expected, and it may approach an all-time low.
Conclusion
Monero price chart displays the bears’ strength for the last few years. It has struggled between the $180 and $110 levels over two years. According to the chart structure, the Monero price will remain bearish below the $100 mark, and buying momentum can be expected over the $200 level.
Technical Levels
Resistance Levels: $180 & $142
Support Levels: $110 & $1000
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.