XMR Price Analysis: Will XMR maintain the gains above $130

• XMR shows a negative outlook struggling near the support mark of $130
• Buyers are unable to hold the strength and continue to sink

Monero ( XMR ) price showed a negative outlook based on the recent breakdown of the consolidation phase and sinking towards the primary support of $130. Moreover, the XMR coin remained below the significant moving averages in the past few trading sessions. However, sellers’ attachment in the coin was noted and also their intense pressure made buyers to unwind their long positions, resulting in the decline of the price.

Recent price action shows that the coin was struggling in the narrow range for a long time and broke the lower end with volume which led the coin to break below 50 day EMA and following on below the crucial support mark of $150. Afterwards, sellers gained momentum and showed their aggression resulting in breakdown below the 20 day EMA mark.

The technical parameters are also indicating  negative cues based on the last session breakdown on charts. XMR showed a pullback amid the breakdown in the last sessions, but did not sustain near $140 and sellers again attained the grip resulting in follow-on selling in the coin.

When writing, the XMR coin trades at $132.06 with an intraday drop of 2.87% showing bearish sentiments. Moreover, the pair of XMR/BTC is at 0.00528BTC, and the intraday trading volume increased by 2.87% to $93.58 million. The day high of XMR is $137.27, and the day low is $131.72. The market cap of XMR is $2.41 Billion.

Daily Charts of XMR coin

On the daily chart, the XMR coin was broken the symmetrical triangle pattern and led a fresh reversal into a downtrend. Furthermore, sellers increase their momentum and led to breakdown below the support of $150.

Moreover, buyers are now looking trapped in the last session. Furthermore, XMR is in a strong congestion range and under the sellers rulage.

Bulls are not having the rights to stretch the reversal ride and feeling hopeless.

As per the Fib price level, the XMR coin is slipping below the 50% level and struggling near 23.6% level which shows a volatile move. Moreover, the coin is near to the verge of the lower bollinger band which suggests a rational selling view.

What Traditional Indicators Say ?

On the 4 hours chart, a strongly bearish view was noted, indicating a wild selling in the coin with volume addition and aggressive selling pressure was witnessed in the last trading session.

Moreover, the traditional indicators favour bears, and further breakdown also can be seen in the next sessions. The trajectory of XMR is towards the strong support range of $125 to be retested if further selling happens.

The RSI slipped towards the oversold region and a bounceback can be seen, but buyers need to be rescued.

The MACD indicator also showed extreme red bars on the histogram and bearishness on the charts. 

Conclusion:

XMR coin perishes fresh selling and hawkish move leading a downtrend and sellers are willing to retest the mark of $125.

Technical Levels:

Support Levels:$25

Resistance Levels:$140 and $150

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.