Disclaimer: The results of the following analysis are the sole opinion of the author and should not be construed as investment advice
The Monero market has been declining for the past few days. The general trend in the market has not been actively bullish and for Monero the trend has turned bearish. If the price descends the price ladder, the market can become more bearish.
At the time of writing, the Monero was priced at $ 152.24.
Monero daily chart
Source: XMRUSD on TradingView
The Monero chart shows that the price fell after hitting the resistance at $ 170.89. This retracement has currently tested the support at USD 151 and the price has been exposed to strong downward pressure.
With the value of digital assets continuing to push and pull at the level, this could cause the price to drop further to the second support of $ 146. This would be an opportunity for traders to make a profit.
argumentation
The moving average of 50 is already above the candlesticks, underscoring the coin’s downtrend. The RSI has moved closer to the overbought zone from the equilibrium zone, suggesting that sellers in the market are growing.
Meanwhile, the MACD indicator noted an increase in the bear market. The strong red bars grew and have been on the market for a few days. While the MACD line, despite having been below the signal line for a few days, widened its gap.
Crucial levels
Entry: $ 151.02
Stop loss: $ 156.78
Take Profit: $ 145.10
Risk-to-Reward: 1.03
Conclusion
Current market conditions indicated an increased bear market in Monero’s price development. With the digital asset trading near the support and ultimately hurting it, the price of the coin will likely drop to the next support level of $ 146, which in turn will bring minimal profit to short sellers.
Sign up for our Newsletter
Comments are closed.