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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 following XMR technical analysis
Past Performance
In the past 30-days, XMR has created its all-time high at $517.62%. Currently, it is down 50.28% from that level. This highlights the volatility in the price range because of the recent correction in the market. In the past 7-days, it has traded between the range of $153.37 and $440.82.
https://www.tradingview.com/x/KZF6wvhR/
Day Ahead And Tomorrow
At the time of press, XMR is trading at $227 which is 24.44% down in the past 24 hours, thus giving a bearish outlook on the hourly chart.
On the 60-minute chart, the price has been trading between the descending trend line. It has made a strong resistance at $329.99 if it breaks that level it will come in a bullish trend. Till then, the key support level is at $222. If this level is broken then the XMR price will again break down, and it will highlight the next support level.
Relative Strength Index has fallen close to the oversold zone, this means that the selling pressure is dominant. It is likely for it to enter the oversold zone which is below 40%.
The MACD has entered the negative zone, pronouncing more bearishness in the market. Another pullback can be seen if the price breaks the key support level.
XMR Technical Analysis
The XMR will trade between $222 and $329 for the day and ahead. Traders can take the positions accordingly, if the support level of $222 is breached traders can short the position for the next target of $177, keeping the stop loss at $255.
On the other hand, if the price breaks the first resistance of $245, then it will highlight the bigger resistance at $329.