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.
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.
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Additional levels
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.
