Monero (XMR) Price Analysis – December 27

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Monero (XMR) Price Analysis – December 27

monero-xmr-price-analysis-december-27

  • The price of Monero is in a strong bearish momentum.
  • If the downtrend continues the crypto is likely to revisit the previous low of $40 and $45.

Monero, XMRUSD, CryptoCompare chartMonero Chart By Trading View

XMRUSD Medium-term Trend: Bearish

  • Supply zones: $120, $130, $140
  • Demand zones: $ 40, $30, $20

The XMRUSD pair had been in a bearish trend since December 25 after the resistance at the price of $60. From the price action, the price of Monero is below the 12-day EMA and the 26-day EMA  which indicates that the price is in the bearish trend zone.

If the downtrend contines the crypto is likely to revisit the previous low of $40 and $45 because the bears have broken the EMAs to the downside and the $50 price level. Meanwhile, the stochastic indicator is out of the overbought region but it is below the 60% range. This also indicates that the price of Monero is in a bearish momentum.

XMRUSD Short-term Trend:  Bearish         

Monero, XMRUSD, CryptoCompare chartMonero Chart By Trading View

On the short term trend, the price of Monero is in a bearish trend. The crypto’s price is also below the 12-day EMA and the 26-day EMA which indicates that the price is also likely to fall. On December 26 and 27, the 12-day EMA acted as a resistance to the price of XMR, as the crypto continued its downtrend.

At the lower time frame, the stochastic is in the oversold region below the 20% range. Here, the crypto’s price is in a strong bearish momentum.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.            

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