Ken Chigbo
Independent Analyst
- Price pressure to the downside for XMR/USD, after hitting resistance at 50 DMA.
- XMR/USD may continue to respect current chart pattern for some time yet.
The Monero price is seen down over 4% in the later stages of Monday’s session, hitting resistance at the 50 DMA, seen tracking at $285. Monero has continued to remain under pressure since the highs seen on 5th March, where the price touched a descending trend line, part of a potential large bull flag seen on the daily time frame.
Looking at the daily chart, as per the mentioned pattern that can be seen, the price has been moving within this since December 2017 and has continued to respect that. There hasn’t been much in the way of direct influential news to really dictate price action. Interesting to note, reports from The University of Toronto’s Citizen Lab, they discovered a type of malware was used to redirect citizens’’ computer to mine Monero by the Egyptian government.
Technically, momentum is to the downside with XMR/USD flow, as can be seen on the daily. Next support is now seen in proximity to current price action, $240 an area to keep an eye on. A breach could see a fall back towards the trend line below, that forms part of the chart pattern, seen around $160.
XMR/USD daily chart
-636564731000963834.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
AI Tokens Price Prediction: Story, Virtuals Protocol rebound following sell-off after US strikes on Iran
Geopolitical tensions in the Middle East caused a liquidation havoc of over $1 billion in the cryptocurrency market over the weekend, following US President Donald Trump’s direct involvement in the conflict between Israel and Iran.
Crypto Today: Bitcoin, Ethereum, XRP flash recovery signals after rollercoaster weekend
The cryptocurrency market is gearing up for recovery following a geopolitical tension-triggered sell-off over the weekend after the United States (US) struck Iran's nuclear sites in support of Israel's campaign.
Quant Price Prediction: Award-winning payment platform eyes bullish reversal
Quant edges higher by 1% so far on Monday, after winning the Best Programmable Payment Platform at the Future of Finance Awards. The optimism surrounding Quant grows in the derivatives market, evident with the QNT Open Interest spike.
Bitcoin Price Forecast: BTC rebounds to $102,000 as MetaPlanet buys the dip, geopolitical fears linger
Bitcoin (BTC) price rebounds slightly, trading around $102,000 at the time of writing on Monday after dipping to $98,200 the previous day. Institutional investors further supported the price recovery as MetaPlanet added 1,111 BTC to its treasury reserve.
Bitcoin Weekly Forecast: The calm before the storm
Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday. The uncertainty looms as geopolitical tensions between Iran and Israel show no sign yet of an exit strategy from either side.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.