Monero (XMR) Price Finds Support at $115 Amid Bearish Market Predictions

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XMR Price Finds Support at $115: What Do the Forecasts Say?

The price of Monero (XMR) has found support at $115. But what do the forecasts say about the future? Let’s take a look at the current developments.

The Current Situation

Monero experienced a bullish market structure in the first week of February. However, trading on February 6 led to a drastic drop of 39.8% within one day. Currently, the price is significantly below the $130 mark, which served as support throughout 2023. The sentiment of holders has been strongly negative in recent days, and the futures markets also favor the sellers.

Where is the Support for XMR?

After the price crash on February 6, Monero has a bearish market structure on the daily timeframe. The nearly 40 percent drop was followed the next day by a 31 percent increase. However, this price jump to $135 could simply be a retest of the former demand zone. The RSI shows a strongly bearish trend with a value of 36. The OBV, which had been steadily rising until December 2023, has formed a range in the last two months, indicating buyer exhaustion. A drop below the local OBV support could be followed by a downtrend on the price chart.

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Key Resistance Levels

The $136 and $144 levels represent important Fibonacci retracements and are expected to act as strong resistances. However, should XMR rise above the $156 mark, the idea of a downtrend would be invalidated. At the same time, a decline to $100 and below remains likely as things currently stand. XMR holders could capitulate and sell a larger portion of their assets if prices continue to fall.

The Futures Market Forecast

The price crash on the 6th was accompanied by a massive increase in open interest in USD per exchange. This means that participants in the futures market were ready to short XMR. The sharp drop in the funding rate also suggests that the XMR market is heavily skewed in favor of the bears. The weighted sentiment dropped to a level not seen in over a year and was only slightly positive at press time.

Conclusion

The analysis of the metrics and the price development suggests that Monero will tend to move downwards rather than upwards in the coming weeks. Please note that this information does not represent financial, investment-specific, trading, or other advice and solely reflects the author’s opinion.

Source: AMBCrypto, TradingView, Santiment

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Casinos: 6
Profile Monero
Symbol XMR
Coin type Alt Coin
Transaction Speed Medium
Pros
  • Untraceable transactions
  • Data protection and security in the focus of the developers
Cons
  • Newer cryptocurrency, therefore insufficient distribution
Price 147,56 €
Percent Change 24h 2,49 %
Percent Change 7d 6,40 %
Percent Change 30d -5,50 %
Percent Change 60d 19,69 %
Percent Change 1y 0,30 %
Market Cap 2.724.352.902,00 €
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Socials Reddit | X | Message Board
Best 3 Monero casinos

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Last update: 24. June 2024

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