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.

Rajan Dhall, MSTA FX 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.

Additional levels

XMR/USD

Overview
Today last price	55.2443
Today Daily Change	-1.8723
Today Daily Change %	-3.28
Today daily open	57.1166

Trends
Daily SMA20	54.4725
Daily SMA50	51.3257
Daily SMA100	62.7058
Daily SMA200	58.7306

Levels
Previous Daily High	58.5383
Previous Daily Low	56.5894
Previous Weekly High	57.4679
Previous Weekly Low	51.0848
Previous Monthly High	70.2655
Previous Monthly Low	26.0055
Daily Fibonacci 38.2%	57.3339
Daily Fibonacci 61.8%	57.7938
Daily Pivot Point S1	56.2912
Daily Pivot Point S2	55.4659
Daily Pivot Point S3	54.3424
Daily Pivot Point R1	58.2401
Daily Pivot Point R2	59.3636
Daily Pivot Point R3	60.1889

Author

Rajan Dhall, MSTA

FX Daily

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

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XMR/USD 4-hour chart

Additional levels

XMR/USD

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