Monero Price Analysis: XMR/USD downward momentum could gain traction to $100


  • Monero bulls are working around the clock to defend the 50-day SMA to avert potential losses to $100.
  • XMR/USD faces intense resistance on the immediate upside, including the descending channel’s upper boundary.

Monero’s upward momentum hit pause at $140 in October, cutting the bulls’ mission to elevate the crypto above $200. The struggle to defend the fundamental support level has also been real for the bullish camp as bears swung aggressively into action. At the time of writing, XMR is doddering at $115 after failing to hold above $120. If the technical outlook remains the same, Monero could dive further down to the next key support target.

Monero on the verge of a breakdown to $100

At the moment, XMR is holding firmly to short-term support provided by the 50-day SMA. It is uncertain that the price will keep this support long, especially with the Moving Average Convergence Divergence diving into the negative region. Similarly, the bearish divergence from MACD reinforced the intensifying selling pressure in the market.

In the event the Monero slides under the 50-day SMA, price action may gain momentum toward the next crucial support at the 100 SMA, highlighted at $100. The low trading volume has limited price movement, but the situation could change in the near term.

XMR/USD price chart

XMR/USD daily chart

The 4-hour chart shows XMR trading under the moving averages; 50 SMA, 100 SMA and 200 SMA emphasizing the growing selling pressure in the market. Besides, the cryptoasset is still confined in a descending parallel channel. If the short-term support at $115 fails to hold, the price might revisit lower levels at $ 110. A break under the channel is likely to complete the bearish leg to $100.

XMR/USD price chart

XMR/USD 4-hour chart

It is worth mentioning that if Monero closes the day above the 50 SMA in the daily range, the bearish scenario will be invalidated, giving way for a reversal above $120. Moreover, gaining ground past the 50 SMA in the 4-hour range will add credibility to the new bullish outlook and encourage buyers to join the market.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Breaking: Ethereum explodes to new yearly high, validating upward price action

Ethereum has ascended to new yearly highs after breaking the recent peak achieved in January. The flagship altcoin is trading at $1,372 amid the push for gains eyeing $1,400. However, a daily close is required above $1,350 to validate the uptrend.

More Ethereum News

Long-term holders remain confident about Bitcoin price rally as institutional investors buy $590 million worth of BTC

Bitcoin has delayed the expected breakout to $40,000, leading to uncertainty and even talks of a possible retreat under $30,000. However, the Reserve Risk indicator from Glassnode suggests that long-term investors are staying put. 

More Bitcoin News

DeFi protocols Uniswap and SushiSwap continue claiming new all-time highs as trading volume skyrockets

UniSwap (UNI) and SushiSwap (SUSHI) continue posting new record highs, ignoring the uncertainty brought into the market by Bitcoin (BTC).

More Uniswap News

ZIL prepares to skyrocket by more than 70% towards $0.12

Zilliqa seems to be getting ready for a massive elevation to highs around $0.12. The expected breakout follows a breakdown from the recent December peak at $0.106.

More Zilliqa News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP