Monero price analysis: XMR/USD declines hit fresh 2018 lows despite the launch of “Lithium Luna” wallet and the listing on Huobi exchange
|- The upgrade was meant to add some amazing features to the wallet including a new design.
- A breakout is observed at $160 where the descending trendline, the 50 SMA, as well as the 100 SMA, all meet.
Monero price has been trading below a multi-month descending trendline that was started on April 24. Monero has dropped to new lows in 2018 to test the support at $120. The free fall in the market that started on Sunday last week has led to continued downside corrections across the board. XMR/USD is trading at $125 while the upside retracements have been limited below $140 since June 10.
Monero has had a very eventful June in spite of the overarching corrections in price. The team, on June 4 upgraded the code for the official wallet. The upgrade was meant to add some amazing features to the wallet including a new design, easy accessibility and the one that carried the day was the support for the Ledger Nano S. The lead developer at Monero, Ricardo Spagni said that the update was also tailored to fix a “large set of bugs.” In other relevant news, Monero was listed on Huobi exchange to be traded in XMR/BTC and XMR/ETH pairs.
Monero declined to trade 2018 lows at $120.9, a move that brought back the buyers who are currently pushing for higher corrections. The price, however, seems stagnant at $125 but the key resistance is highlighted at $140. Significantly, a breakout is observed at $160 where the descending trendline, the 50 SMA, as well as the 100 SMA, all meet. A break above this area could see XMR/USD scale the highs towards the coveted $200. In the meantime, most of the technical indicators show that bear pressure still looms. The MACD is deep in the negative region while the RSI on the 4-hour chart is slightly above the 30 mark. The moving averages, on the other hand, show that the path of least resistance is to the downside.
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