- Monero forms an inverted “V” pattern, while, currently dips below $70 and trades at $69.82
- Presently, the coin is seen forming a declining channel after having recorded a fresh 90-day high at $96
- The red candlestick breakout led XMR coin to record an intraday and four weeks low at $67 and is sliding below 50.0% towards 38.20% Fib Retracement Level
- The price of XMR coin is likely to dig even deeper as per the trend and pattern observed while retaining immediate support from 200-day MA at $67
Monero’s price has plummeted from the yearly top of $96.8 to currently trade at $69.8 and records a notable dip of over 27% within the same month. As per the current momentum, XMR price is likely to test supports at $67, $65, and if more on the downside than the coin is likely to hit $60 as well.
Monero Price Analysis
Monero against the US Dollar has been forming a certain pattern as observed from the hourly movement of the coin over the past year. Well, this year until the penning down, seems to be no different as the price trend of XMR continues to form the falling leg of the patter. Just to support the king of cryptocurrency—Bitcoin is also seen nosediving below $9,000, and the crypto market turns red over the past 24 hours.
Analyzing the intraday movement of the coin, we see that the price of Monero coin has recorded a dip of over 18% in just days from an intraday high of $82.105 to a monthly low at $67. There has been a subtle downslide with no traces of a bullish crossover in the meanwhile. However, the technicals assigned on the intraday chart are seen drawing a bullish divergence due to intraday correction as the MACD line crosses above the signal line as the price of XMR rises from the bottom of $67.