- Price pressure to the downside for XMR/USD, after hitting resistance at 50 DMA.
- XMR/USD may continue to respect current chart pattern for some time yet.
The Monero price is seen down over 4% in the later stages of Monday’s session, hitting resistance at the 50 DMA, seen tracking at $285. Monero has continued to remain under pressure since the highs seen on 5th March, where the price touched a descending trend line, part of a potential large bull flag seen on the daily time frame.
Looking at the daily chart, as per the mentioned pattern that can be seen, the price has been moving within this since December 2017 and has continued to respect that. There hasn’t been much in the way of direct influential news to really dictate price action. Interesting to note, reports from The University of Toronto’s Citizen Lab, they discovered a type of malware was used to redirect citizens’’ computer to mine Monero by the Egyptian government.
Technically, momentum is to the downside with XMR/USD flow, as can be seen on the daily. Next support is now seen in proximity to current price action, $240 an area to keep an eye on. A breach could see a fall back towards the trend line below, that forms part of the chart pattern, seen around $160.
XMR/USD daily 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.