Will XMR Crack $100 Amid Panic Selloff?

Monero (XMR) noted an extreme breakdown from the value area of $150, and a death crossover was spotted on the charts. A harsh, bearish marubozu candlestick was seen when the delisting announcement by Binance came, which led to a curse for the investors who have carried it for a longer time. In a statement, the major crypto exchange “Binance” intended to delist the popular privacy coin from its platform on Feb 20, which scared investors, and a fall of over 40% was noted on that day.

However, the deadline of Feb 20 is the final date of trading on its platform, whereas investors can withdraw their holdings till May 20. However, the privacy coin did not extend the follow-up on selling pressure and managed to recover 20% from the lows of $90. XMR price is trading below its key moving averages and is in a bearish trajectory. 

For the past weeks, the Monero (XMR) coin was in a range of around $150, and a sudden breakdown led to a panic selloff and retested its 2022 lows on the same day from the highs of $160. A freefall below $90 can be seen if the token continues to bleed gains. However, the XMR coin needs to break $100 for another hit. A death crossover noted on the top reveals an aggressive selloff and suggests a further decline in the following sessions.

XMR on Daily Charts Reveals a Panic Selloff from Highs 

On the daily charts, Monero (XMR) did not reflect any intense moves for the past months and stayed in a range, but adverse news spoiled the investors’ gains in just a few hours. However, the reason behind delisting is the evidence of possessing crooked and false activity that influenced the crypto ecosystem. 

The Relative Strength Index (RSI) delivers a bearish crossover and suggests a negative outlook for the following sessions. Additionally, sellers are glancing more robust and may succeed in pushing the coin below $100 soon. Per the Fib levels, Monero coin may slide to $80, followed by $40 in the next few weeks.

XMR on Weekly Charts Reveals a Death Crossover 

A multi-week breakdown was noted on the weekly charts, and the privacy coin was pushed to the 2022 lows near $100. However, a bounce was pointed out from the round mark, but the technicals indicate that the bounce looks fake, and a selloff may trigger soon.

Summary

The Monero (XMR) price signified a sharp breakdown and witnessed bears’ dominance, which may continue declining gains amidst the negative sentiments. Additionally, the bear cartel will continue adding short positions and successfully split out the round mark of $100 soon.

Technical Levels

Support Levels: $100 and $90

Resistance Levels:$140 and $160

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.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.