Key Highlights
- Monero has, to some extent, overwhelmed by the US dollar price worth.
- The USD could still exert more pressure to see lesser values between $60 and $50 points.
- There may be an upside rally to an $80 value and, that may be rejected around that same spot to regenerate into a backward move.
Monero (XMR) Price Analysis
• Major supply zones: $90, $100, $110
• Major demand zones: $50, $40, $30
Monero price worth has been overwhelmed the US dollar while it failed to continue to build on a bullish candlestick formed in the market on February 23. The crypto has been slowly and steadily falling from a high value close below $90 to trade a bit below $70 point.
The fiat currency could still forge further in its capacity to experience lesser value at $60 mark and in extension to $50 point. However, the downward trend may lack visible volatility while it embarks on such a move as presumed.
Monero (XMR) Technical Indicators Reading
The US dollar has put Monero value under a sizeable downward pressure until the time of writing. The 14-day SMA trading indicator closely curved southward above the 50-day SMA trend-line to signal the potential of witnessing more lows. A successful crossing of the bigger SMA from the top by the smaller SMA may bring about sharp falls in the XMR/USD trade operations afterward. The Stochastic Oscillators have dipped into the oversold region to seemingly start a consolidation move within it. That could a warning signal to exercise some amount of patience before placing an order.
Conclusion
The XMR/USD price now trades around a vital value of $70 mark. The bears are more of obviously gaining stance than the bulls. A clear-cut of the next bearish could while the bulls fail to push past a high line at $80 mark. If that sentiment comes to the past, the cryptocurrency pair will witness another round of selling pressures that may see through various demand zones.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.
