Monero trades utterly bearish just like all the major altcoins of the market, including Bitcoin. The selling pressure remains intact and dense as the coin only consolidates downwards. With an effortless downside walk, XMR price has lost all the major support price points and is marking fresh lows with time.
Monero Price Analysis
Analyzing the daily XMR/USD movement on Kraken over the past six months, we see that the coin has been on the continual downslide. Within the said duration, Monero price hit other lower highs at $82.26 and $66.44. The current trading price range is the least and a further fall at the immediate support around $42 will give a fresh 52-week low.
Taking a closer view of the XMR/USD movement, we see that the coin has hit the 0.00% Fib Retracement area and is plummeting even more. There has been a rapid slide down from the trading price of $61.74 to $45.49, recording a fall of over 26%. The recent fall has even led the 9-day, 49-day, and 200-day MAs are dipping as well. Important to note that the Monero coin left the support of 200-day MA as it plunged from the trading price of $61. The nearest support for the current trading price appears at the 9-day price of around $46.75.
Technical Indicators
The MACD of the XMR coin is running below zero and appears bearish as the signal line overpowers the MACD line.
The RSI of Monero also confirms the bearishness at 30.97 and maintains the utmost support. A further fall can lead the coin to slid in the oversold region.
