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Monero Price Analysis: XRM looks set to break lower

  • Monero trades nearly 4.5% lower as cryptos have a tough Monday.
  • The trendline on the 4-hour chart looks like it will break to the downside.
Monero Price Analysis: XRM looks set to break lower
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

XMR/USD 4-hour chart

Monero has struggled today like all of the crypto majors in a broad-based sell-off. The price is now heading to a trendline that looks like it is going to be broken to the downside. This could mean XMR/USD could be testing lower levels. The price already broke the 55 exponential moving average and the 200 simple moving average lies in wait.

If there is to be a downside break the blue support zone at 50.87 close the psychological 50.00 zone could halt any further losses. If that fails then the green horizontal line just below 45.00 is next. On the upside, the main target for the bulls is the red resistance zone at the 60.30 wave high but at the moment the momentum is firmly with the bears.


Monero Trend Break

Additional levels

XMR/USD

Overview
Today last price55.2443
Today Daily Change-1.8723
Today Daily Change %-3.28
Today daily open57.1166
 
Trends
Daily SMA2054.4725
Daily SMA5051.3257
Daily SMA10062.7058
Daily SMA20058.7306
 
Levels
Previous Daily High58.5383
Previous Daily Low56.5894
Previous Weekly High57.4679
Previous Weekly Low51.0848
Previous Monthly High70.2655
Previous Monthly Low26.0055
Daily Fibonacci 38.2%57.3339
Daily Fibonacci 61.8%57.7938
Daily Pivot Point S156.2912
Daily Pivot Point S255.4659
Daily Pivot Point S354.3424
Daily Pivot Point R158.2401
Daily Pivot Point R259.3636
Daily Pivot Point R360.1889

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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