• Monero leads the major cryptocurrencies in declines after shedding at least 3% in the Asian session on Thursday.
  • Monero is pressing down after filing to clear $74 level resistance; downtrend is likely to test $70.00 support.
  • Technical indicators are currently adjusting to the reversal motion hinting that more declines will dominance the coming sessions.

The bear action is in full swing mode at least for Monero. With declines rising as high as 3% during the Asian trading session on Thursday, XMR is the leader among the biggest losers. After opening the session at $74.2199, the bears thrust Monero further down to lows around $71.97. The high formed at $74.44 immediately after the opening session is now in the rearview as the crypto seeks to explore more of the downside.

Looking at the 4-hour chart, Monero managed to force a reversal on finding balance at the main trendline support. The recovery stepped past the resistance at $74 but failed to test the simple moving average resistances. The SMA 100 is hindering growth at $75.032 while SMA 200 is standing in the way at $75.31. The ongoing reversal broke below another intermediate trendline (dotted) and is likely to retest $70 if the downtrend continues.

Technical indicators are currently adjusting to the reversal motion. The Relative Strength Index (RSI) is heading south after breaking the ascending pattern. At the same time, the Moving Average Convergence Divergence (MACD) has been barred from accessing the positive region even though it has forged a recovery from -0.8351. The growing bearish divergence is a key signal for the rising selling influence.

XMR/USD 1-hour 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: BTC/USD sandwiched between massive resistance and support levels

Bitcoin managed to have a bullish day after five straight bearish days. So far today, BTC/USD has gone up from $10,190 to $10,223.45. The hourly chart shows us that BTC/USD went up to $10,253.

More Bitcoin News

Litecoin price analysis: LTC/USD bullish frenzy is unstoppable

Litecoin like other major altcoins has been performing relatively well since the beginning of the week. The bullish action continued on Wednesday with Litecoin rising to an intraday high of $76.2644. 

More Litecoin News

NEO price analysis: NEO/USD retreats from intraday high, upside momentum recedes

NEO is performing strongly on Wednesday. The 20th largest digital asset with the current market value of $69 million gained over 7% both on a day-on-day basis and moved nearly 3% higher since the beginning of the day.  At the time of writing, NEO/USD is changing hands at $9.80, off the intraday high of $9.87. 

More NEO News

TRON market update: TRX/USD tests DMA50 for the first time since July

TRON (TRX) is one of the best performing coins on Wednesday. TRX/USD has gained over 10% of its value to trade at $0.0178 by press time. While the coin has retreated from the intraday high ($0.0178), the upside momentum is still strong as TRX is moving in sync with the rest of the market. 

More Tron News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP