XMR continues its downward trending after breaking of $130 distribution level, the pair will experience further downward movement and get exposed to another strong accumulation level at $55. Resistance levels: $110, $120, $130
Support levels: $70, $60, $50 XMR continues its downwards trending after breaking of $130 distribution level.
The southwards movement started after consolidation for one week and the 4-day EMA crossed the 50-day EMA downward. Sellers are putting more pressure on the pair, and the price is sliding further downwards.
The price is moving away from the 50-day EMA on the Daily chart, which indicates a downwards trend continuation. Minor Accumulation level of $70 has been tested by the coin, and a bullish retracement is possible (which is supposed to be temporary).
The cryptocurrency is presently exposed to the strong accumulation level of $70. Should the strong accumulation level get broken, the pair will experience further downward movement and get exposed to another strong accumulation level at $50.
The MACD, with its histogram below the zero level, and the signal lines pointing downwards, indicates that the price may still move down. On the 4-Hour chart, Monero formed another consolidation near the $90 price level, last week. Read more from coinspeaker.com…
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