Bias for Monero (XMR) – Bearish
Resistance Levels – 130, $140, $150
Support Levels – $80, $70. $60
XMR is in a bearish trend on the long-term outlook. The cryptocurrency has been in the downward channel since 5th September after the long bearish engulfing candle at $138.18 that dropped XMR initially to $113.05 in the demand area.
XMR had a bounce off the lower line of the channel on 12th September from $96.39 in the demand area to $128.65 in the supply area on 23rd September.
A bounce off the upper line was long overdue but finally, it came on 11th October. The strong bearish pressure pushed XMR price down to $100.74 in the demand area. The bulls anticipated returned was cut short with the bearish railroad on 14th October which implies resumption of downtrend continuation.
The RSI is the oversold region at 36% and its points down which means downward momentum in the price of the cryptocurrency in the long-term may be witnessed.
