Monero price analysis: This correction still has legs on the downside
- Short and medium term outlook remains bearish.
- $270-280 key resistance area.
Monero bulls can go into hybernation mode as the price of this crypto has some more downside left in this current fall as short term as well as medium term outlook remains bearish and it convincingly needs to cross some key levels to turn medium term outlook up.
XMR/USD down less than a percent at $234.66, on a day when almost all the other major cryptos are down anywhere between 2-10 percent. Still, XMR's days of correction not over yet as the price of this crypto is unable to cross falling trendline which is hovering at $280 level on the 480-minute chart.
On the daily chart too, the price seems to be headed towars $200, which is a strong support in the form of ascending trendline. For the day though, XMR needs to cross past $237 to make further room on the upside.
XMR/USD 480-minute chart:
XMR/USD daily chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
