Monero price analysis: XMR/USD struggling to recover extended lows, MACD momentum indicator still in the negative
|- Monero price is down 5.5% in the last 24 hours, besides it has lost 8.4% of its value over the previous one week.
- Nothing tangible in the cryptocurrency space to explain the falling price of XMR/USD.
Monero price is trading below $200 on the first day of the week. The crypto is down 5.5% in the last 24 hours while it has shed 8.4% of its value in the last week. The price commenced trading on Monday at $210; then a selloff began where Monero broke past some key support areas at $205 and $200 respectively.
The general cryptocurrency market is very quiet, and it is nothing tangible can be linked to the dropping price. Monero is the 12th cryptocurrency and has a market capitalisation of $3.09 billion. The privacy-focused cryptocurrency had been the best performing crypto in first two weeks of March 2018 due to MoneroV hard fork that had promised Monero holders a one to ten ratio of coins after the fork.
Monero price is trading below the 50 simple moving average which is beginning to bend downwards to show that in the near-term the sellers will control the price. The moving average acted as a support line at $205 level. The MACD momentum indicator has been dipping to the negative since the start of the trading session. This shows that the sellers could give way for the buyers to enter the market; otherwise, the price could continue to plunge. The next pivotal support is at $190. XMR/USD must maintain this level to avoid further declines. In case of a trend reversal and buyers enter to push the price up, the price will encounter increased resistance at $200. A break above this level could open the door for more gains towards $220.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.