Monero price analysis: XMR/USD seen down around 4%, however price moving within a large bull flag pattern
- 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
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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.
