Monero Price Analysis: XRM looks set to break lower
|- Monero trades nearly 4.5% lower as cryptos have a tough Monday.
- The trendline on the 4-hour chart looks like it will break to the downside.
XMR/USD 4-hour chart
Monero has struggled today like all of the crypto majors in a broad-based sell-off. The price is now heading to a trendline that looks like it is going to be broken to the downside. This could mean XMR/USD could be testing lower levels. The price already broke the 55 exponential moving average and the 200 simple moving average lies in wait.
If there is to be a downside break the blue support zone at 50.87 close the psychological 50.00 zone could halt any further losses. If that fails then the green horizontal line just below 45.00 is next. On the upside, the main target for the bulls is the red resistance zone at the 60.30 wave high but at the moment the momentum is firmly with the bears.
 (4)-637230073466830835.png){kind=link}
Additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.