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XMR Price Analysis: Monero bears capitalise on weakening sentiment 

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•XMR/USD is currently priced at $125.92 and has decreased by 1.88% over the past day

•The trading volumes have increased by 35.22% over the past day 

•The technical indicators suggest a hawkish outlook for the near term 

Short Term View: XMR struggles to cope with the bearish sentiment 

Source: XMR/USD by TradingView

The Monero price today is $125.92 USD with a 24-hour trading volume of $85,067,739 USD. Monero is down 1.88% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.03712 for the altcoin.

Monero has been left clutching at straws after the asset plummeted ever further on Monday. The asset has witnessed a heavy downturn in prices since the start of the month, with the breach of the long standing $135 support level proving to be a watershed moment for the bears. This has since turned into the resistance which the bulls will need to reclaim in order to advance their cause. However, with the intense selling activity taking place in the market which has led to XMR Price to transact below the 20,50 SMA on the four hour chart, it seems like a tough ask for the bulls. The defense of the support level placed at $120 will prove to be a particularly important task for the bulls.

Long Term View for XMR

Monero bulls have received a pasting at the hands of the bears as it struggles to attract buyers at the current price levels. The RSI offers a glum overview as it currently stands at 36.96 and isn’t offering any signs of improvement. The red histograms are gaining traction on the daily chart whereas the MACD and signal lines have shown consistent growth to the downside. 

Conclusion 

Judging by the increasing strength of the bearish rally, the recovery for Monero is likely to be laborious as long as there remains a bearish cloud over the market. Hence one can expect XMR to continue sloping downwards in the near future.

Support: $120-$115

Resistance: $125-$130

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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