Monero Price Analysis: XMR Plummeted by 14%, Analysts say it may get up Making an Interesting Pattern

• Monero price is trading with strong downtrend momentum over the daily chart.
• XMR has lost 14% of its market capitalization in the last 24-hour period, this dip in price needs to stop.
• The pair of XMR/BTC is at 0.005419 BTC with an intraday drop of 6.40%.

Monero price is falling with strong downtrend momentum over the daily chart. The token is trading towards the lower level and is currently facing peer selling pressure. As Bitcoin was the greatest dominator, the cryptocurrency market slumped below 25000 other altcoins also started rallying bearishly. As a result, Monero price went down through a bearish rally and is falling with strong downtrend momentum. This bear market is seriously playing with the sentiments of cryptocurrency traders as many altcoins are trying to get the attention of buyers and also facing an existential crisis. However, XMR coin may register its return from a level as it has done before. 

Monero price is presently CMP at $123 and has lost around 14% of its market capitalization in the last 24-hour period. However, trading volume has increased by 38% in the intraday trading session. This shows that XMR coin may register its return from a certain level making a double bottom pattern. Volume to market cap ratio is 0.09771.

XMR May get up making a Double Bottom Pattern

Monero(XMR) coin price is trying to gain uptrend momentum but it falters in attracting more buyers. Monero at first went below a downward sloping line after it got support from $115 and then bulls failed to sustain at the verge of the downward sloping line. Then after XMR coin started falling and went into a bearish rally the token has been falling since then. Now the token is heading towards the level from where it got support last time that is $115. If monero slips below $200 then XMR bulls can expect the token’s return from $115 as it may craft a double bottom pattern making it a crucial demand zone. 

Meanwhile, XMR coin is trading below 20, 50, 100 and 200-days Daily Moving Average. XMR must attract more buyers to gain support and reverse the downtrend momentum. However, volume change can be seen above average and is in favor of bears. At first XMR bulls must accumulate themselves to bring volume in their favor to reverse the trend. 

Monero is currently Oversold, What about Recovery?

XMR coin price is trading with strong bearish momentum over the daily price chart. However, analysts say that XMR may get up from the $115 level making a double bottom pattern over the daily price chart. Technical indicators suggest the current bearish rally of XMR coin. 

Supertrend confirms the strong downtrend momentum of XMR coin over the chart. Relative Strength Index showcases that XMR is being oversold at the moment. RSI has entered the oversold territory and is approaching the extreme oversold zone. XMR investors can expect the token’s return as soon as RSI returns from the oversold territory.

MACD exhibits the downtrend momentum of XMR. The MACD line is below the signal line after a negative crossover. 

Conclusion  

Monero price is falling with strong downtrend momentum over the daily chart. The token is trading towards the lower level and is currently facing peer selling pressure. Now the token is heading towards the level from where it got support last time that is $115. If monero slips below $200 then XMR bulls can expect the token’s return from $115 as it may craft a double bottom pattern making it a crucial demand zone. However, analysts say that XMR may get up from the $115 level making a double bottom pattern over the daily price chart. Technical indicators suggest the current bearish rally of XMR coin. RSI has entered the oversold territory and is approaching the extreme oversold zone. XMR investors can expect the token’s return as soon as RSI returns from the oversold territory.

Technical Level

Support Levels: $115 and $100

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.     

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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