Monero price analysis: XMR/USD forming a classic uptrend pattern reversal, a selloff in the pipeline

Monero price forms a strong support level at $244 since the trading on Tuesday.
Increased cybersecurity concerns are connecting Monero coin to cybercrime; this is reducing investor confidence.

John Isige FXStreet

Monero price gearing up for a selloff as it forms a head and shoulders pattern during trading on Wednesday 14. The crypto is commencing the completion of the right corner. Monero had formed a strong support level at $244 since the trading yesterday.

The 100-simple moving average is below the longer-term 200-simple moving average on the hourly chart indicating that the path of least resistance is to the downside. The upside trend has a chance to resume because the 100 SMA is in a general uptrend. The neckline will have to limit the losses for XMR/USD to gain the upside momentum which could see the price bounce towards the $300 mark.

The gap between the moving average is narrowing to show that the bulls buying pressure is slowing down. If the price loses momentum and declines are initiated, Monero could break past the support area.

Increased cybersecurity concerns are connecting Monero coin to cybercrime; this is reducing investor confidence. The mainstream agencies report on “cryptojacking” involving Monero be affecting price recovery as well.

XMR/USD price hourly chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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