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Monero Further Drop On The Cards

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Monero (XMR)


Market Cap: $2.57B

Circulating Supply: 16.1M XMR

Max Supply: 0 XMR

Volume (24h) $38.49M


Monero (XMR) Technical Analysis


Monero plunged today and erased the yesterday’s gains. The price maintains a bearish perspective on the short-term after today’s drop. The rate has failed to close above a dynamic resistance (support turned into resistance) and now it seems determined to challenge a major support area. A valid breakdown will signal a further drop.

All the major cryptocurrencies have dropped today signalling that the rebound could be temporary and the crypto market could resume the downside movement.


 

You can see that the rate has increased a little after the false breakdown below the 151.260 static support, but yesterday’s failure to close above the lower median line (lml) of the ascending pitchfork has signalled that the rate could resume the corrective movement.

We can go short on this cryptocurrency if it will make a valid breakdown below the 151.260 static support, and if it will close below the 145.810 former low. The price could stabilise below the first warning line (WL1) of the ascending pitchfork, which represents another bearish signal. It has also retested the minor uptrend line which represents the downside line of the triangle chart pattern.


Conclusion


You can sell Monero if the bearish scenario will be confirmed. The first downside targets will be at the 150% lines. The Stop Loss can be placed above the 177.780 yesterday’s high.

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