XMR Price Analysis: Is Monero Coin Price Ready to Recover?

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  • Monero Coin price trading on a bearish note over the monthly chart and slipped below vital moving averages
  • The coin fails to hold its essential moving average of 200-DMA and tumbles almost -57% from its ATH of $518
  • The pair of XMR/BTC is trading flat with a gain of +0.81% at 0.006278 BTC, whereas XMR/BTC is CMP at 0.1044 ETH with intraday gains over +3.24%.  
Source:tradingview

Monero coin price tumbles below all vital moving averages of 20, 50, 100, and 200-day. Whereas XMR is currently sustaining below the major moving average of 200-DMA and with the sharp selloff, good volume traction appears. Moreover, the bearish crossover of 50 and 20-DMA favors bears, and presently no sign of significant recovery is expected.

Bulls must be cautious at a present market scenario and only gain confidence above some crucial support levels (200-DMA). Support on the lower side is at $175 and $140, while resistance is $265 and $320. 

Monero Coin Price Formed a Double Bottom Pattern

Source:tradingview

Monero can recover from current levels and has formed a double bottom pattern while a good demand zone is created on the lower side. Whereas some recovery or bounce back is expected as indicators are near the oversold zone. XMR can experience a good recovery if XLM successfully manages to sustain the above demand zone of $180-$150. Presently, Monero is trading at $222 with an intraday loss of -4% and a volume to market cap ratio of 0.1806. The technical indicators are not giving any sign of clear momentum. 

Relative Strength Index (NEUTRAL): XLM presently projects neutral momentum with some chance of recovery and trailing near the oversold territory.  

Moving Average Convergence Divergence (NEUTRAL) currently indicates a sideways trend on the daily chart. The seller’s line (red) and the buyer’s signal line (green) overlap with no sign of clear momentum. 

Support levels: $175 and $140 

Resistance levels:$265 and $320

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