- Owing to the trend in the overall crypto market, Monero or XMR has been trading highly bearish for months now.
- The price declined more than 10% in August and made investors worry.
- The current market conditions will act as a huge price driver for the coin in the upcoming weeks.
The chart shows huge price movements in the entire year but currently looks stuck in a bearish momentum. After a strong pullback in mid-June, we saw a rejection followed by a sharp selling. It brought the coin near to strong support at $139.
Looking at the current setup, buyers look weak and chances for a further slump still exist. Below the current levels, $131 stands as a strong support level. The coin has not breached it strongly, even once this entire year.
The Monero coin still trades in the current zone between $140 – $157. It looks safe as this has been a highly strong trading zone for the coin. A lot for the coin also depends on how Bitcoin moves in the upcoming months. A big move in Bitcoin can lead to a similar-sided move in XMR too. Thus, interested parties must keep an eye on that side too.
The Monero coin still trades in the current zone between $140 – $157. It looks safe as this has been a highly strong trading zone for the coin. coin trades at highly low prices and looking at the charts, we can clearly see that buyers are yet not looking to enter. Therefore, if there is a breakdown, we can expect a sharp selling of the coin. It can lead to a big price dump in the coin.
On an hourly chart, we see the coin is taking recovery from its support at $139. Yet, $143 stands as a strong resistance. A sharp selling was seen as soon as the coin touched those levels.
Looking at the current setup, we can clearly see sellers being highly active and dominating the coin. If this setup continues in the upcoming days too, we can expect a huge downside in the coin then.
The $139 to $143 zone looks slightly weak for the coin. As long as it trades in between, the overall view on the coin would remain bearish. If we see another pullback going ahead, zones above the $143 level look strong for the coin.
The current setup for the coin and the current market conditions look slightly negative. A good buying entry should only be made once the coin comfortably breaches the $157 level.
The current setup for the coin looks slightly weak as sellers are highly dominant and the price too stands on crucial levels. Going ahead, we can expect a further downside till the next demand zones. Thus, the coin becomes an important pick for trading purposes. A good buy entry can be made only if the cryptocurrency comes out of the current levels. Sit back and wait for the right time to make a move.
Important technical levels
- Major support levels: 139$ followed by 131$.
- Major resistance levels: 149$ followed by 157$.
The views stated by the author or any person named in this article are purely for educational purposes and do not establish financial or investment advice. Investing or trading in instruments like stocks and crypto involves financial risk and should not be done without doing proper research and analysis.