The Monero Coin Price is Facing Rejection; Will It Retest $140?

• 1 Monero price is facing rejection from the key moving averages.
• 2 Buyers have faced selling pressure and are struggling to hold the gains.

Monero (XMR) crypto regressed the trend and broke the upward trendline mark of $170, which indicates the selling pressure from the top. Amidst the positive market sentiments, the XMR coin could not uphold the gains and encountered an intense throwback. That led the Monero crypto to slip below the significant moving averages.

The XMR price action shows the selling pressure and is retesting its support zone of $160, which redirects the buyers’ willingness to retain their legacy. However, the sellers looked aggressive and continued pushing from the highs. Lower low swings were noted and the Monero coin revealed a downtrend. Further slippages may lead the coin toward $140.

The XMR crypto was at $157.10 at press time with an intraday drop of 0.10%, showing a pullback in the last sessions. Moreover, the trading volume remained neutral and increased by 2.80% to $117.90 Million, highlighting the breakdown. The pair of XMR/BTC was noted at 0.000298 BTC, while the market cap is $5.81 Billion. Analysts are bullish and suggest that the ICP price will surpass $15 soon and may reach $20 shortly.

XMR on Daily Charts Displays Rising Wedge Breakdown

Source: Monero Price Chart By TradingView

On the daily charts, the XMR coin showcased a rising wedge breakdown and is struggling to hold the 200-day EMA amid the volatile price action. Moreover, the technicals deliver fresh short additions, which pressure the buyers. However, a rebound was glimpsed, but it needs confirmation to escape the primary hurdle of $160, which is a prompt challenge for the bulls.

The momentum indicator “relative strength indicator” (RSI) curve stays below the midline in the bearish region and signals a positive divergence. The MACD indicator shows a bullish crossover and reveals buyers’ accumulation in the overnight session.

XMR On Weekly Charts Range Bound Moves

Source: Monero Price Chart By TradingView

On the weekly charts, Monero coin was tried multiple times to escape the range above $180, but the dream did not come true. Additionally, the XMR coin was hovering near the make-or-break swing of the 200-day EMA, which, if split, could lead to a major disaster for the following sessions. Per the Fib levels, the coin broke the 38.2% zone and took support on the 23.6% zone in the last sessions.

Summary

XMR coin showcased selling pressure in the recent session and witnessed a rising wedge breakdown. However, a pullback was revealed, which is a trap for the sellers that have carried forward their positions. Meanwhile, the 200-day EMA mark acted as a make-or-break level. That, if held, may switch the trend in the following sessions.

Technical Levels

Support Levels: $150 and $142

Resistance Levels: $164 and $175

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.

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