XMR price finds support at $115: What do predictions say?

Journalist

Posted: February 13, 2024

• Monero noticed its bullish construction flip dramatically. 
• A transfer above $115 can provide short-term merchants hope of continued positive aspects, nevertheless it won’t final.

Monero [XMR] had a bullish market construction within the first week of February. The buying and selling on the sixth of February noticed XMR expertise 39.8% losses inside a day.

AMBCrypto explored the explanations for this crash in an earlier report.

At press time, the worth was properly beneath the $130 mark which had served as assist all through 2023.

Holders exhibited intensely damaging sentiment previously few days, and the futures markets additionally favored the sellers.

The place to brief XMR and its invalidation

Monero has a bearish market construction on the one-day timeframe after the worth motion of the sixth of February. The close to 40% drop was adopted by a 31% bounce the very subsequent day.

Nonetheless, this leap in costs to the $135 mark may seemingly be a retest of the previous demand zone.

Supply: XMR/USDT on TradingView

The RSI mirrored closely bearish momentum with a studying of 36. The OBV, which had been trending greater until December 2023, started to type a spread over the previous two months. This confirmed purchaser exhaustion.

A drop beneath the native OBV assist may very well be adopted by a downtrend on the worth chart.

The $136 and $144 ranges represented key Fibonacci retracement ranges. Therefore, they’re anticipated to behave as stern resistances.

Nonetheless, if XMR can climb above the $156 stage, the thought of a downtrend could be invalidated.

In the meantime, a revisit to the $100 stage and decrease stays seemingly as issues stand. XMR holders may capitulate and promote a larger chunk of their property ought to costs proceed to tumble.

The Futures market highlights robust bearish sentiment

The value drop on the sixth was accompanied by a large improve within the Open Curiosity in USD per alternate. This meant that Futures market contributors have been keen to brief XMR.

Supply: Santiment

The sharp drop in Funding Fee additionally pointed towards the XMR market being skewed massively in favor of the bears.

Learn Monero’s [XMR] Price Prediction 2024-25

The Weighted Sentiment dropped to ranges not seen in additional than a 12 months and was solely barely constructive at press time.

Placing the metrics and value motion collectively, it appeared that Monero would extra seemingly development decrease than greater over the following few weeks.

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.