Monero Price Analysis: XMR Trading Below The Down Sloping Line, What Is The Bullish Plan?

• Monero's price is currently falling below a downward sloping line on the daily chart.
• The crypto asset fell below the daily moving average of 20, 50, 100 and 200 days.
• The XMR/BTC pair is at 0.006279 BTC with an intraday gain of 1.37%.

Monero price is trading with downtrend momentum on the daily chart. The token is trying to gather support from the bulls as it falls below a downward sloping line on the chart. However, the change in volume is in favor of the bears and the bulls should try to build up to hold the current level.

The XMR coin traded below a negative sloping line and the bulls repeatedly tried to hold but failed and were held instead. Monero needs to attract more buyers in order to avoid falling below the negative slope line on the daily price chart.

Monero's price is currently CMP at $186 and has lost 4.32% of its market capitalization in the last 24 hours. Trading volume was down 15% during the intraday trading session. This shows that XMR is trapped by the bears and that XMR is currently facing short selling pressure. The volume to market capitalization ratio is 0.03349.

Monero's price is trading below a negative sloping line on the daily chart. The token attempted to gain momentum from the uptrend on the daily chart, but the bulls failed to sustain and now XMR price is facing a correction. Meanwhile, the volume change can be seen below average and must grow exponentially to register the breakout of the XMR token.

The lower support is at $170 and the upper resistance is at $200.

Will XMR reach the $200 primary resistance level?

XMR coin price has been dropping with a steady downward trend on the daily price chart. The token tries to garner support from the bulls but fails to sustain and it continues to decline.

As soon as XMR gains support, investors can witness the token's breakout against the downward sloping line. As a result, XMR may break above the $200 primary resistance level as soon as the XMR bulls manage to hold at the edge of a negative sloping line or the barrier.

Technical indicators suggest bearish momentum in the price of Monero. The Relative Strength Index highlights the downward trending momentum of the XMR coin as the token dips below neutral. At the moment, MACD also exhibits bearish momentum of the XMR coin.

The MACD line approaches the signal line for a negative crossover. Monero investors should wait for any direction change on the daily chart to conclude anything on the price of the Monero (XMR) coin.

Conclusion

Monero price is trading with downtrend momentum on the daily chart. The token is trying to gather support from the bulls as it falls below a downward sloping line on the chart. As soon as XMR gains support, investors can witness the token's breakout against the downward sloping line. As a result, XMR may break above the $200 primary resistance level as soon as the XMR bulls manage to hold at the edge of a negative sloping line or the barrier.

Technical indicators suggest bearish momentum in the price of Monero. Monero investors should wait for any direction change on the daily chart to conclude anything on the price of the Monero (XMR) coin.

Technical levels

Support Levels: $170

Resistance Levels: $200

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.