XMR Price Analysis: Falling Channel Leads The Short-Term Downtrend In Monero

The XMR/USD technical chart projects an overall sideways trend for this coin. The price resonates in a falling parallel channel pattern for its recent down rally. Though the pattern follows a downtrend, it also poses a possibility of initiating a bull rally.

XMR/USD Daily Time Frame Chart

Source- Tradingview

Past Performance or Trend

Since the crypto bloodbath of May ‘21, the XMR token has followed a sideways trend. The price action has been confined between the $340 and $180 mark for the last six months. After its latest rejection from the psychological level of $300, the price plunged back to the $180 support.

Bullish RSI Divergence Hints An Upcoming Rally In XMR Coin

For this short-term downtrend, the XMR coin has been resonating in a falling parallel channel. The pattern has led this red rally since the $300 mark and has brought it to the $180 crucial support. The coin will follow a downwards rally until this pattern is intact and potentially breach this bottom support.

On a contrary note, this type of pattern is quite known for a strong bullish rally when the price gives a proper breakout from the overhead resistance trendline. Therefore, the crypto trader should keep a sharp on this pattern as it provides an early signal and entry opportunities for a long trade.

By the time of writing this article, the XMR coin price is $187.2, with an intraday gain of 1.79%. The 24hr volume change is $166.7 Million, indicating a 60% hike. As per the Coinmarketcap, the coins stand at 44th rank with their current market cap of $3,370,104,416(+2.03).

XMR/USD 4-hour Time Frame Chart

Source-Tradingview

Technical Indicators

The daily Relative Strength Index (38) indicates a bearish sentiment for the token. However, the RSI has started projecting some positive signs in its chart.
The XMR coin indicates a bearish alignment of the crucial EMAs (20, 50, 100, and 200). Moreover, the 20 EMA line provides dynamic resistance to the coin price.
According to the pivot levels, coin traders could expect the closest resistance to the XMR price to be $189 then $200. For the reverse, the support levels are $172 and $159.6.

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Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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