Monero technical analysis: Trapped in range, vulnerable while below 83.50


  • Sellers retain control, as the recovery lacks momentum.
  • Coin awaits catalysts for fresh near-term trading impetus.

Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $1.26 billion and an average trading volume of $94 million, is the second-biggest loser among the top 20 widely traded cryptocurrencies. The coin has lost almost 4% over the last 24 hours and remains stuck in a narrow range, with the bearish momentum still intact. At the time of writing, XMR/USD trades near 73.30 region, having found support once again ahead of 72.50.

XMR/USD 1-hour chart

 

  • The coin consolidates below 23% Fibonacci Retracement (Fib) of Friday’s fall near 73.90.
  • Hourly Relative Strength Index (RSI) turns south from the overbought territory, set to test the 50 level.
  • The bearish trend could resume on a sustained break below the key 72.50 support.

XMR/USD Daily chart

 

  • Trapped in a narrow range since late-August, awaits fresh catalyst.
  • The spot trades below all the key Daily Simple Moving Averages (DMA).
  • Only a sustained break above the horizontal resistance of 83.50 can reverse the near-term bearish outlook.
  • Daily Relative Strength Index (RSI) suggests that there is a scope for further downside.

XMR/USD Levels to watch

XMR/USD

Overview
Today last price 73.3107
Today Daily Change -0.6879
Today Daily Change % -0.93
Today daily open 73.9986
 
Trends
Daily SMA20 75.3798
Daily SMA50 80.5519
Daily SMA100 86.294
Daily SMA200 78.0701
 
Levels
Previous Daily High 78.1741
Previous Daily Low 72.5253
Previous Weekly High 82.3322
Previous Weekly Low 71.554
Previous Monthly High 97.8571
Previous Monthly Low 65.9364
Daily Fibonacci 38.2% 74.6831
Daily Fibonacci 61.8% 76.0162
Daily Pivot Point S1 71.6246
Daily Pivot Point S2 69.2505
Daily Pivot Point S3 65.9758
Daily Pivot Point R1 77.2733
Daily Pivot Point R2 80.5481
Daily Pivot Point R3 82.9221

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Chart Analysis: Symmetrical triangle breakout to power BTC/USD above $9700

BTC/USD has charted a symmetrical triangle breakout in the last hour, opening doors for a test of the pattern target at 9746. Despite the bullish breakout, its likely to remain an uphill task for the bulls to achieve the target, given a bunch of healthy resistance levels. 

More Bitcoin News

XRP/USD clutches above $0.20, is holdling an effective XRP strategy?

Ripple is currently in consolidation above $0.20. Therefore, there is not much that can be said in regard to this week’s price performance, except for the move that tested $0.2150 on Monday.

More Ripple News

ETH/USD may return to $220.00 before another strong rally

Ethereum tested $247.93 during early Asian hours and retreated to $247.70 by the time of writing.  The second-largest digital asset has gained about 1% of its value since the start of the day and stayed unchanged since the beginning of the day.

More Ethereum News

IOTA upgrades Hornet node software

IOTA has announced a major upgrade to its Hornet node software, which is the first performance upgrade in IOTA 1.5. the first in a series of planned protocol upgrades.

More IOTA News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast

BTC

ETH

XRP