XMR Technical Analysis: Price Likely to Fall Below $367.47 and $197.34
Monero was launched in 2014 keeping privacy and security as their biggest priority. XMR allows transfer and payments quickly and inexpensively. XMR is designed to keep the identity of the sender and recipient obscure by using advanced cryptography, unlike BTC. The XMR technical analysis is as follows:
On May 26, 2021, XMR opened at $246.87. On June 02, 2021, XMR closed at $294.09. Thus, in the past week, the XMR price has increased by approximately 19%. In the last 24 hours, XMR has traded between $263.38-$294.98.
Day Ahead And Tomorrow
Currently, XMR is trading at $290.05. The price has decreased from the day’s opening price of $294. Thus, the selling pressure seems high.
The MACD and signal lines are in the negative zone. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum may change, and the price may increase further.
Currently, the RSI indicator is at 47%. It faced rejection at 43% and rose to this level. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.
The OBV indicator is currently flat. Thus, it seems that buying and selling pressure both are equal. High selling activity will exert downward pressure on the XMR price.
In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
XMR Technical Analysis
Currently, the price is below the Fibonacci pivot point of $300.84. If the bears remain strong till day end, then the price is likely to fall below the first, and second support levels of $367.47, and $197.34, respectively.
The price has tested and fallen below the 61.2% FIB retracement level of $310. The price is currently forming a narrow range, a breakdown and breakout from this level will highlight further levels.
Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.
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