XMR Price Analysis: Is XMR price taking a downturn?

• 1 XMR price is trading on a downtrend after taking resistance from its 200 MA
• 2 XMR price might take a correction of 8% in the upcoming days

XMR price after trading on a bullish trend since early November although the XMR price made its recent lower low around the beginning of February giving a downfall of almost 19 percent after which it started trending a severe downtrend losing 25% of its value since the last high while making consistent lower highs and lower lows while respecting its resistance of the 100 EMA. While after making a bullish rally of 8% the price might take a correction. The current price of the XMR coin is $149.8 with a change in 24-hour trading volume of 24.03 percent. The XMR price is 1.36% in the last 24 hours.

XMR price taking a bearish correction ( On Daily Timeframe)

Source: XMR/USDT by TradingView

While overall market sentiments are currently trading near the neutral level at 49 points according to the greed and fear index although it is seeing an increase of 2 points from 47 points in the last few days according to the Alternative (dot) me site. While the bears are currently dominating the XMR price by 50 – 76% across most of the major cryptocurrency exchange platforms while bulls are also trying to take control in some of the exchanges by 51 – 56 percent according to the Coinglass site.

Technical Analysis (On 1 Day Timeframe )

Source: XMR/USDT by TradingView

The XMR price is currently under a down-trending channel while making consistent lower highs and lower lows giving 15 – 20% on each move where its resistance level is $156.0 price and its support level is around $136.0.

The RSI line is currently taking a bearish correction while the RSI line has crossed below the 14 SMA trading at 51.12 points while taking resistance from the 14 SMA which is trading around 56.71 points. The RSI curve is suggesting that it might soon start moving toward the oversold levels.

Conclusion

As of now, the XMR price is taking resistance from the 100 EMA at the price of $156.0 after making a bullish rally of 10% although according to the historical price action and the making of a bearish engulfing candlestick pattern, the chances are that XMR coin might take a correction of 8 percent after taking the rejection from the price $156.0 the most recent support level for it is around price $138.0.

Technical levels –

Support – $138.0.

Resistance – $156.0

Disclaimer

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

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