Monero price declined steadily from the $110.00 swing high and settled below $90.00. XMR could revisit the key $70.00 support area before it could start a decent recovery.
- Monero price declined below the $100.00 and $90.00 support levels.
- There are two key bearish trend lines forming with resistance near $90.00 on the 2-hours chart.
- XMR could continue to decline towards the $70.00 level before it could recover above $100.00.
Monero Price Analysis (XMR To USD)
After struggling to climb above the $110.00 resistance, monero price started a significant drop. XMR price broke the $100.00 support area to enter a bearish zone. Besides, the recent decline in bitcoin and Ethereum accelerated losses in XMR below the $90.00 support level.
Click to Enlarge Chart
Looking at the 2-hours chart of XMR/USD, the pair gained bearish momentum after it broke the $90.00 support level and settled below the 25 simple moving average (2-hours).
As a result, the price broke the $82.00 and $80.00 support levels. A new monthly low was formed near $76.28 and the price recently started an upside correction. It broke the $80.00 and $82.00 resistance levels.
Moreover, there was a break above the 50% Fib retracement level of the last drop from the $98.34 high to $76.28 low. The price even climbed above the $88.00 level, but monero struggled to continue higher above the $90.00 resistance.
The price was rejected near the 61.8% Fib retracement level of the last drop from the $98.34 high to $76.28 low. More importantly, the price failed to settle above the 25 simple moving average (2-hours) and it is currently declining towards $80.00.
On the upside, there are two key bearish trend lines forming with resistance near $90.00 on the same chart. Therefore, a successful close above the $90.00 resistance area plus a close above the 25 simple moving average (2-hours) is needed for a strong recovery towards $100.00 or even $110.00.
The overall price action is bearish and suggests that monero could continue to slide below $80.00 in the near term. The main support is near $70.00, where XMR is likely to find a strong buying interest.
The market data is provided by TradingView, Bitfinex.
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