- Monero is facing a significant downfall from the past few trading sessions and now has broken below the critical support area of $115.00
- The XMR/BTC pair is performing significantly negative with an overall loss of -9.84%, bringing the current level to 0.00784270
Monero has been one of the top losing coins on Thursday’s market session besides significant positive sentiment prevailing in the overall market conditions as BTC and ETH heads for a road to recovery in terms of price levels. The price levels of XMR faced negative reversals from the resistance point of $130.00, and it was the inception of the significant downfall prevailing for the crypto asset to date. During the commencement of the decline at the end of the past month, the price levels were having a significant support point placed at $117.00, which tended to provide a lively bounce back. However, it gets negatively broken by the bears. The CMP is now positioned at $113.47, facing an overall loss of -5.20%, resulting in a market capitalization to drop by -2.14%. The 24-hour volume traded has an increase of 27.83%, justifying the massive magnitude of the digital asset’s downfall.
Technical Levels Showing No Signs of Recovery For XMR
The technical chart of XMR highlights the significant price recovery action made in the past month, which included making a new-yearly high of $138.00. After testing the critical resistance area, the price levels faced significant negative momentum in the market and are still moving negative. The price levels have now broken below the support line, which is placed at 0.382fib level and tends to show no recovery. They might find the next support at the 0.618fib level concerning the ongoing downtrend.
The relative strength index (RSI) shows an extremely harmful nature, with the levels currently looking vulnerable for another negative dip towards the oversold region. The current level stands at 29.55. The directional movement index (DMI) is also showcasing weakness in the current levels as +DI (11.17) moves strong and above ADX(30.17). The moving average convergence & divergence (MACD) is also showcasing bearish nature as the levels drop abruptly after a bearish crossover.
Will XMR Faces More Negative Momentum Further Ahead in the Market?
It’s been quite a problematic week for Monero as the price levels are losing all the gained momentum of the previous month. Also, the usual inverse relationship between the overall market conditions and the price movement of XMR might be providing the damage. Technical levels are showing no signs of recovery. This means the aggregate of the aspects is favoring negative momentum for XMR in upcoming trading sessions.
Resistance level: $130.00, $133.00 & $140.00
Support level: $112.57 & $106.37