Monero price surges but encounters a buildup of sellers at $230; bearish flag pattern forming
|- The cryptocurrency is up 12.07% in the last 24 hours on although the upside has been capped at $230.
- The 23.6% Fib retracement level will provide short-term support in case XMR/USD dips below $220.
Monero price has been correcting higher since it opened trading on Wednesday. XMR/USD breached the resistance level at $200, opening the gate for more gains. The cryptocurrency is up 12.07% in the last 24 hours on although the upside has been capped at $230.
Monero (XMR) is celebrating four years today since its inception. The privacy feature of Monero has kept it relevant in the market where impending regulations cause uncertainty and fear of breach of privacy in transactions. Besides, there is the upcoming MoneroV hard fork, although its influence on Monero (XMR) cannot be foretold.
There is a bearish flag pattern forming on the hourly chart after Monero started a downside movement from the day’s high at $230. The RSI is starting to exit the overbought levels to signal that the sellers a forcing a consolidation after the spike from$195 to $230. The gap between the 50 SMA and the 100 SMA is increasing to confirm the selling influence on the price. The 23.6% Fib retracement level will provide short-term support in case XMR/USD dips below $220. However, the major support for Monero price remains below $200 particularly $195.
XMR/USD hourly chart
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.