thecoinrepublic.com
- 1 XMR price took a rejection after breaking out of the 200 EMA with a strong momentum
- 2 XMR price is trading on a strong bear trend
Monero (XMR) is a publicly accessible and privacy-oriented cryptocurrency that was designed to provide users anonymity. It also aims to make transactions private and secure. While with other cryptocurrencies the payments made by anyone can be traced to the original source because of blockchain’s transparent nature. Through advanced cryptography XMR can obscure senders and receivers at the same time. The present price of XRP is $151.0 with a change in 24- the trading volume of $-8.44. The XMR price has gone down 0.44% in the last 24 hours.
XMR price taking a bearish correction ( 1 Day Timeframe)
XMR price after trying to cross above the 200 EMA near early January took a rejection and as of now, it is again moving on a bear trend. Although, according to the price action XMR price might try crossing the critical resistance again after taking a pullback.
The overall market sentiments are currently trading at a neutral level around 51 points in the fear and greed index according to Alternative(dot)me. While the sellers are overwhelming the market. XMR price is also being dominated by the sellers by a slight percentage of 51 – 56% across most of the major trading platforms.
Technical Analysis ( 1 Day timeframe )
The XMR price after crossing above the 200 EMA and attempting to sustain above it took rejection after breaking below the 200 EMA support. XMR is taking rejection from its previous support trading on a severe bear trend while the 20 EMA and the 50 EMA seems like it might give a negative crossover.
The RSI line is currently trading near the demand zone while under the 14 SMA. The RSI line is trading near 40.33 points while the 14 SMA is giving resistance to it around point 42.48. The RSI downward curve is suggesting that it might take a correction before taking a reversal.
Conclusion
The XMR’s recent resistance level is around the price of $155.9 while its next support level is around the price of $1.330. The XRP has taken a sudden turn from trading in a bull trend to a bear trend. If XMR’s price gives a strong bearish candle that it might give a downturn of 12%. While the RSI line is trading in the demand zone.
Technical levels –
Support – $1.330
Resistance – $155.9
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.