Monero price analysis: XMR/USD repeatedly tests key support at $244, a break is possible
- XMR/USD continues to touch a key area of support seen at $244.
- Monero has lost over 35% in value in just over a week of trading.
The Monero price is seen down as much as 3% during trading on Tuesday, extending on the losses seen over the past week. XMR/USD has dropped over 35% from the higher seen on 5th March at $375, where the price ran into some strong resistance.
Momentum remains to be with the market bears, moving in lock-step across the crypto market, as many of the major altcoins are seen nursing losses. Specifically, with Monero, many investors may well be taking their profits post the MoneroV hard fork hype.
Technically, XMR/USD continues to test a key area of support, seen at $244. Given the amount of penetration the price has done to this area, it could be subject to a potential break lower. A breach would then see $216 come into play, 11th February lows. To the upside, resistance looks tough around $266 region, in proximity to both the 50 and 100 DMAs.
XMR/USD 1-hour chart
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Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
