- As the nature of Monero is generally against the collective market forces, it is facing a significant loss in bullish conditions in the overall market
- The XMR/BTC pair is on a significant decline facing an overall loss of -6.50% bringing the current level to 0.00990562 BTC
The weekly chart highlights the unsuccessful attempt of Monero to reclaim the bullish level of $130.00 and maintaining sustainability above it. As the cryptoasset has the nature of trading against the market forces, it is facing negative momentum as BTC broke above the major level of $12K. Currently, the major support level of $120.00 and $118.00 respectively is into the play. The price levels have broken down the support of $120 several times during the day but the lower support of $118 is preventing the digital asset to take a major negative hit.
Technical Levels Turns Bearish for XMR
The technical chart highlights the significant bullish momentum built by XMR from the past month resulted in the price levels reaching the critical resistance area of $133.00. The resistance level provided negative reversals to the coin and currently, it is on its previous 52week high point of $120. On the retracement table, the price levels are having major support placed at 0.236fib level which is currently looking weak in front of the bears. The levels are looking volatile to reach to 0.382fib level on the downside if the support line is broken.
The Bollinger bands also indicates that the positive sentiment for the cryptoasset is gone as the price levels are unable to break above the base line(123.37) and might break below the lower level(117.96)
The directional movement index also showcasing bearish nature as ADX(16.98) is well below -DI(20.75).
The relative strength index has also lost its bullish levels and trying to avoid a negative dip towards the oversold region. The current level stands at 46.97.
Is This the End Of XMR Bulls?
Due to the general inverse relationship of the XMR price movement and the overall market conditions, we can expect further downfall in the price levels or the levels can be consolidated with the help of the major support level of $118.00. The technical aspects are also supporting the bears at the same time.
RESISTANCE LEVEL: $130 & $133
SUPPORT LEVEL: $120 & $118