Monero price dips even lower as the entire cryptocurrency ends the week’s trading in the red
- Monero market capitalization average is steadily above $3 billion while the price plummets to new lows.
- Monero price breaks above the 23.6% Fibo, upside capped at $180 level.
Monero price has been bearish throughout the trading sessions this week. The upside momentum has been capped below $212; however, it has traded mostly below $200 level. The market capitalization has remained steady with an average of $3 billion. Monero is not the only currency on the lower end of the scale; the entire cryptocurrency market has been engulfed in increasing bear pressure.
According to the analysis of Monero price on Thursday 29, XMR/USD failed to hold above the support level at $185. The downside trend broke past another key support zone at $180.00 and recorded lows of $162.42 on Friday. The price bounced back but lacked the momentum to trade above $180.
At the moment, XMR/USD is trading in between the 50 SMA and the 100 SMA on intraday 30’ timeframe chart. The gap between the SMAs is increasing to show that the bears’ control of the market is increasing. The price broke above the 23.6% Fib retracement level with the previous swing high of $213 and a low of $162.42. The currency is now testing the retracement level in the current downside movement. On the upside, the 38.2% Fib retracement level is also the major resistance in the path of recovery. A break above this level at $182 could open the door to more upside gains towards $190.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
