- Monero Coin (XMR) has been in a price correction phase since last night.
- XMR price is observed above the green area of the EMA Ribbon indicator on the daily price scale.
- The $140-support level has provided price jumps several times.
The Monero coin is falling after the recent bullish rally. XMR started to move higher in the shorter time frame, with short-term investors making gains of nearly 10% from its recent low of $141.6. If the bulls keep the asset price above the $150-support, this short-term rally gives decent returns.
Since last night, the bears have been attempting to lower the XMR price, as a result, the coin is trading at the $157 mark against the USDT pair at the time of writing. However, the 4-hours price chart is showing a buy-on-dip strategy, which could propel the price towards the next resistance area of $170 if the bulls manage to gain price above the previous swing high.
Over the past two months, investors have seen an astonishing rally to the $174 mark. But in the August retracement phase, the bulls managed XMR price well above the $140-support level, which remains valid. Thus this week XMR is seen in green.
The market cap of Monero Coin has declined by 1% to $2.85 billion in the last 24 hours. XMR Coin is still positive as it is looking above the green area of the EMA Ribbon indicator on the daily price scale.
The RSI indicator is about to test the semi-line again, after the retest, the directional trend of the XMR coin will be confirmed. Similarly, MACD is showing an extreme sideways trend.
Conclusion
Monero Coin (XMR) may recover more if the bulls manage the $150-support level next week. However, the RSI and MACD indicators show a highly sideways trend for the XMR coin.
Support levels – $140 and $100
Resistance level – $170 and $200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.