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Monero Price Analysis: XMR on the verge of a sell-off, will a minor retracement hit long-term investors

Analytics

www.thecoinrepublic.com 09 June 2022 22:13, UTC
  
Reading time: ~2 m

  • Monero price has broken an upward trend line on the daily price chart, and is looking in a sideways trend.
  • XMR investors have been managing costs above the key period A of the Ichimoku indicator over the past 24 hours.
  • Monero coin with bitcoin pair is trading at 0.00617 satoshis, up a little over 1.5%.

Monero coin is performing well after reversing from its 52-week low. XMT coin has been performing well since then, but the price broke this upward trend earlier this week.

But the overall XMR market outlook for the past five days is sideways as bears continue to manage costs below the $190 mark (0.786 mark of Fibonacci retracement). On the other hand, the $165 mark can act as a short-term support level for the buyers.

Before two weeks, the weekly price action attracted the long legged Doji candle and from there the weekly price action remained inside the candles.

Source: XMR/USDT by Tradingview 

Thus, at the time of writing, the Monero coin is trading at the 189 mark, and there has been no price change this week against the weekly price scale. The $200 conceptual round will act as an important resistance level during an upward move.

Meanwhile, according to data from CMC, the market cap stands at $3.4 billion, with a gain of 1.8% over the past 24 hours. Furthermore, the Monero coin with the bitcoin pair is trading at 0.00617 satoshis, up a little over 1.5%.

Bears barely manag the vital round level of $200

Source: XMR/USDT by Tradingview 

XMR investors have been barely managing the XMR cost above the key period A of the Ichimoku indicator for the past several days. But still, XMR is trading in a red cloud of Ichimoku Indicator.

The RSI indicator is looking sideways near the semi-line (50 mark) on the daily price chart after a breakout from the oversold zone.

Conclusion

According to daily trading volume, the Monero (XMR) token has low liquidations, so the bulls are facing rejection near the $200 conceptual round.

Support level – $150 and $120

Resistance level – $200 and $230

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss


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