Monero

Monero Price Analysis: XMR Token Plunges 13.6% This Week

  • XMR token price action projects a downtrend on intraday session
  • The 24-hour volume in XMR is at $236.65 Million
  • The XMR/BTC pair was trading at 0.006913 BTC with a 1.03% profit

The Daily technical chart of the XMR token price movement showcases a downtrend. According to the pivot levels, the XMR significant support level is $177. Whereas if it goes up, the initial resistance level to watch is $320. The technical chart shows a Doji candle describing bulls and bears that failed to control the coin.

The Stochastic RSI (Bearish) with a value of K-26 D-36 presents a sell signal in the coin. Investors may observe a declining slant and a negative crossover in the index. It may remain in negative territory for future trading sessions.

The Ichimoku Cloud, consisting of Lead 1 & Lead 2 with a displacement value of 1. It works as a pivot level and a head indicator in the asset price change. Investors may witness the price break below the green Moku Cloud and now move below the red Moku Cloud, so until the price travels below the red Moku Cloud, it will assure the downtrend of Monero.

The volume of (1.128K) is beneath the Volume MA (5.828K) of 20-days. High buying pressure is required in Monero to drive its price to higher levels.

Monero (XMR) Token Requires High Buying Pressure

XMR token price traded at $243.60 with a 3.5% loss in the last 24-hour and a 13.6% loss weekly. Moreover, the cost of Monero has been in a downtrend since last week. In contrast, the market capitalization stands at $4.454 billion. Technically, investors can perceive the price moves below the red Moku Cloud. Moreover, the Stochastic indicator forecasts a sell signal in the coin. Multiple red volume bars are visible in the chart. Additionally, the price movement may consolidate from here.

Resistance: $320

Support: $177

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