en
Back to the list

Monero Price Analysis: short-sellers lapsed to a breakdown conceptual level of $100, but why? 


www.thecoinrepublic.com 03 July 2022 09:30, UTC
Reading time: ~2 m

  • The Monero (XMR) token has recovered slightly since last night, resulting in a 5% increase in market capitalization in the green zone over the past 24 hours.
  • The XMR bulls have kept the asset price above the $100 conceptual round level for the past several days.
  • The daily trading volume has been declining gradually over the past several days. Is this a sign of low sideways motion?

The Monero (XMR) coin is supporting a bounce from its recent bottom. Thus, Altcoin XMR is managing price action above the previous swing low which was an important hedge area for the bulls.

On the daily time frame, the bulls are attempting a recovery, however, the weekly price candle is showing a bearish trend as the Monero coin is down 6.7% this week. Meanwhile, the coin is trading inside a bearish candle of June 30.

With an intraday trading session bullish, the Monero coin is trading at the $117 mark at the time of writing.

Source: XMR/USDT by tradingview 

Buyers are in need of more accumulation to propel Monero’s price above the previous swing high of $135. Meanwhile, as per CMC data, the market cap has risen 5% in the last 24 hours in the green zone.

If XMR price continues the downtrend, it may again bounce back near the conceptual round level of $100, and a bearish break below this hedge zone may fail to prevent a sharp sell-off. Furthermore, the XMR coin is in the green zone with the bitcoin pair up 4.4% at 0.006122 satoshis.

The daily trading volume has been declining gradually over the past several days. Buyers may face resistance during an upward movement due to low liquidations.

Buyers have crucial support at $100 Mark

Source: XMR/USDT by Tradingview 

In terms of the daily price graph, Monero’s (XMR) price is seen below the mid-band of the Bollinger Bands indicator. And buyers are about to break this resistance area as the daily RSI indicator moves up slowly

Conclusion

The RSI indicator shows little sign of recovery for Monero investors. Here the bulls have an important hedge area in the ideological round level. If the XMR price falls below this level, speculators could see a terrible bloodbath.

Support level – $100 and $75

Resistance level – $160 and $200

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.

ALSO READ: An Assist By Paris Saint Germain Star Kylian Mbappe To Sorare NFTs


   Source
Back to the list