The crypto industry continues to display volatile market trends as major cryptocurrencies record significant price fluctuations in their respective portfolios. Further, Monero has displayed a loss of over 25% in valuation within the past 24 hours. The prime reason is assumed to be the delisting of it from the Binance exchange.
The Monero coin price traded in a closed range between $162.5 and $172.5 for a brief period, following which the market lost momentum and the price experienced a breakdown in value. The XMR token recorded a correction over 11% in valuation. After this, the price traded between $144.3 and $153.6 for the next few days.
As the market volatility grew, the bulls gained just enough momentum to break out of the resistance level, following which the price traded between $153.6 and $162.5 for over a week. The bulls failed multiple attempts to break out of the resistance level, resulting in a price breakdown in the chart.
However, the bulls held the price strong above the support level of $144.3 and the price experienced a pushback within the range. After trading in a consolidated range for over a week, the Cross EMA 50/200- day recorded a Death Cross.
The Monero price lost over 39.5% in valuation within hours, resulting in the price to test its crucial support level of just over $100. The bulls held the price strong above the support level of $101.9 and the price recorded a jump of approximately 25% in value.
Will XMR Price Rise Back Up?
The technical indicator, MACD, displays a decline in the red histogram, indicating an increase in the buying pressure within the market. Further, the averages show a mixed sentiment, suggesting uncertainty in the future price action for Monero.
If the market holds the price above the support level of $117.3, the XMR bulls will regain momentum and test its resistance level of $132.9 soon. Maintaining the price at that level will set the stage for Monero to attempt to test its upper resistance level of $144.3 within this month.
Conversely, if the Monero token experiences another trend reversal, it will lose momentum and fall to test its support level of $117.3. Moreover, if the bears continue to overpower the bulls, it will further plunge and prepare to test its crucial support level of $101.9 in the coming time.