Monero price analysis: XMR/USD downside protected by 100 SMA, trend indicators confirm bear pressure
|- Monero price is lacking the support to maintain the pivotal $200 level.
- XMR/USD faced selling pressure at $203.7 opening the door for a downside correction that failed to find support at $195.
Monero price is trading lock-step on Monday, while the charts are showing an overall drop in price in the last 24 hours. XMR/USD is lacking the support to maintain the pivotal $200 level. The upside has been capped $204, although the price is exchanging hands below $195.
There was an upside movement that was initiated at $190, and the price broke past the resistance levels at $195 and $200 respectively. XMR/USD faced selling pressure at $203.7 opening the door for a downside correction that failed to find support at $195. The 100 SMA ($191) stopped further declines, but the 23.6% Fib retracement level with the last swing high of $203 and a low of $166 is preventing upside movement at the moment on the hourly chart.
The 100 SMA is acting as the immediate support line for XMR/USD. However, there are other support zones at $190 and $188 respectively. The MACD is dipping into the negative territory to signal that the sellers have the upper hand. The gap between the 100 SMA and the 200 SMA is widening to confirm the bearish momentum on the hourly chart.
XMR/USD hourly chart
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