XMR/USD Long-term Trend: Bearish
- Resistance levels: $120, $130, $140
- Support levels: $40, $50, $40
The price of Monero is in a bearish trend.The crypto had an opening balance of $58.42 which has been depreciated to the low of $44.74 as at yesterday. On December 17, the crypto's price reached the high of $46.20 but was resisted at the $45 price level. The crypto's price is now retracing from its high. From the daily chart, the 12-day EMA and the 26-day EMA are trending southward indicating the downward trend. As long as the crypto price is below the 12-day EMA and the 26-dayEMA, the price of Monero will continue its fall.
In addition, the stochastic indicator is in the oversold region below the 20% range. This means that the price of Monero has a strong bearish momentum in the long-term trend. The cryptocurrency is expected to reach the previous low of $39.37 if it continues its downtrend.
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