Monero (XMR) Keeps Dropping, Can The Bulls Defend The Price At $60?

Key Resistance Zones: $60, $70, $80
Key Support Zones: $40, $30, $20

XMR/USD Long-term Trend: Bullish
On February 15, the bulls reached a high of $96. The upward move was hindered because the coin has reached the overbought region of the market. XMR could not rise in the overbought region because of the unavailability of buyers to push the coin upward. In that region, sellers emerge to push Monero downward. The bulls were resisted and the coin fell to the low of $77.50.

The price fell to the support of a historical price level. The market was in consolidation at this period in September 2019. However, if the support holds, the coin will be compelled to a range-bound movement. On the downside, if the support cracks, the coin will further depreciate to a low of $68.

Daily Chart Indicators Reading:
Monero has fallen below a 50% range of the daily stochastic. This implies that XMR is in a bearish momentum. Previously, Monero was above 94% range of the daily stochastic. The coin was in a strong bullish momentum at that time. However, the price breaks the lower channel of the ascending channel indicating that the downward move may continue.

XMR/USD Medium-term bias: Bearish
On the 4-hour chart, the bulls were attempting to break the overhead resistance at $96. In the first attempt, the bulls were resisted as the price fell to a low of $90. In the second attempt, the bulls were resisted and the downward move continued to the low of $76.

4-hour Chart Indicators Reading
Meanwhile, Monero has fallen to level 33 of the Relative Strength Index. This coin is in the downtrend zone. At the same time, it is below the centerline 50. Besides, as the price breaks the bullish trend line, the previous trend has been terminated.

General Outlook for Monero (XMR)
Monero is likely to continue with the downward move. The bears have succeeded in breaking below the bullish trend line and support line of the ascending channel. This indicates that selling pressure is ongoing. Meanwhile, the coin is approaching the oversold region of the daily stochastic and the RSI,

XMR Trade Signal
Instrument: XMR/USD
Order: Sell
Entry price: $76
Stop: $85
Target: $60

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