MONERO – ALTCOIN CHART ANALYSIS

Monero (XMR) has held up quite well in contrast to the overall market. While almost all altcoins have lost double digits, we were able to hold our last low here and have not been sold off any further.

We are currently trading at around USD 206 and have therefore recovered slightly from our lows of around USD 200. Although the trading volume has recently decreased somewhat, it was still able to hold up quite well.

The RSI is in a neutral zone, so we definitely still have room on the downside. However, the USD 200 mark is an important zone, as we have repeatedly encountered resistance here in the past.

On the daily chart, the whole thing looks a bit more bearish. Here we exited the Daily-EMA Ribbons down and even tested it as resistance. First of all, not a good sign.

The RSI has corrected very nicely on the daily chart after weeks of forming an uptrend. So a correction here was overdue and could already be over by these indicators.

If another sale is imminent, we must not fall below the monthly support S1 at approx. 190 USD. Otherwise we fall back into the former range. A retest would be bullish.

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