- Monero’s weekly drop of 11.3% pushed its market capitalization by 7.94%.
- A stronger dollar places pressure on Monero, bringing sellers.
- Today’s idea is to place a buy stop 192 to target 197.
The XMR/USD coin extended its previous bearish rally & drew some further offers around the 187.500 mark. The stronger U.S. dollar & unstable market pressure plays. Monero price forecast is bullish on Wednesday. However, the pair may not continue upward momentum for long.
The XMR/USD coin pair failed to stop its previous long bearish performance and remain in the bearish zone near below the $187.500 level. The unstable market pressure mainly sponsored the downfall of the Monero coin. This is why the coin could continue to fall as all the major altcoins are also dropping in the crypto market. The price movement had broken off the consolidated phase to trade at their lowest this month.
At this time, the XMR is trading near 187.004 with a 24-hour trading volume of $181,008,506. The XMR is dropped by 0.44% in the last twenty-four hours. Monero’s weekly drop of 11.3% pushed its market capitalization by 7.94%. The XMR/USD breached its support level of $192 just 24 hours back and was trading in the red at the time of writing. In contrast to this, the trading volume of Monero increased by 52%.
On the other hand, the bullish bias surrounding the U.S. dollar turned out to be one of the key factors that kept the XMR/USD coin pair under pressure.
At the USD front, the broad-based U.S. dollar maintained its previous-day upward rally and took some further bids near its highest levels in months on the day as the mounting wave of Covid-19 cases globally raised doubt over the global economic recovery. Thus, the upticks in the U.S. dollar kept the XMR/USD prices under pressure.
XMR/USD Daily Chart
Monero Price Forecast – Technical Outlook: XMR Faces Resistance at $190
Monero price forecast is bearish as the downward trendline is extending resistance at the $191 level. The closing of a Doji candle below the $191 level suggests odds of a bearish correction in XMR.
The 50 periods EMA (Exponential Moving Average – Red) is extending support at $184.90 level. Above this, the XMR coin remains bullish.
The XMR/USD has bounced off the support level of 178 level. The closing of a bullish engulfing candle above 184 support has driven a bullish correction in the pair.
XMR/USD is heading for a bullish correction, and its immediate resistance prevails at 191. A bullish breakout of 191.75 level can lead XMR price towards 197 level.
The XMR/USD price forecast remains bullish; however, the failure to violate the $191 level can drive more buying until $197.22. Thus, the forex trading participants may look for placing a buy stop at 192 to target 197. Alternatively, selling trades can be seen below 197 to target 184. All the best.
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