Monero [XMR] Finds Support at the $80 Mark After Declining Heavily

From the mid-term outlook, the value of Monero [XMR] is still deep in the bearish trendline. The strong bullish traction was persistent as the lower demand zone was broken at the $87 mark. The value of the digital currency even tested the $76 mark in the demand zone as the four-hour opening candlestick was bearish.

The value of the coin was around this demand zone on the 2nd of November last year. The price of the digital currency is still beneath the two exponential moving averages and the exponential moving averages are wafted apart which indicates momentum in the context of the downward trend.

The stochastic is even at 37 percent and it is currently heading south, this signals a downward trend in the value of the digital currency. The bulls might be able to push the value upward a little, but this should be seen as a pullback needed of the correction of the market before the continuation of the downward trend.

Monero [XMR] Short-Term Trend

In the near-term outlook, the digital currency is in a bearish trendline. The bears seem to be in charge as their increased traction brought the value of the coin down from the $90 mark in the demand zone yesterday.

The coin saw further losses and declined to the $87 mark in the demand zone. The one-hour opening candlestick was bearish and it saw the coin to the $76 mark in the demand zone. The digital currency is currently supported at the $80 mark, and it needs to stay over that level to prevent further losses.

On the upside, the coin is capped at the $85 mark, and it needs to surge over this level in order to recover higher.

Monero (XMR) Price Today – XMR / USD

NamePrice
bitcoin
Bitcoin
$7,912.50-2.17%
monero
Monero
$56.43-3.07%

At the time of writing, Monero [XMR] is trading at $83 after losing about 14 percent of its value over the past twenty-four hours. The current market of the digital currency is $1.39 billion and its trading volume over the past twenty-four hours is $33.43 million.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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