- The Monero(XMR) price closed the previous day’s trade at INR 9220.8 with a market capitalization of INR 174.11 billion and a circulating supply of 18,134,860.99 XMR
- The XMR price is extremely bearish and appears to be primed to shed out another 10% to 15% of its value by the end of June
- The upcoming month may witness a brief consolidation while the price may begin with a significant upswing from the beginning of August
Price Comparison Table
|Crypto-Asset||Start-Month Price (May)||Mid-Month Price (May)||End-Month Price (May)||% Change|
|Monero (XMR)||INR 16,209.8||INR 13,319.3||INR 15,385.8||-5.35%|
* As of 15-June-2022
Monero (XMR) Technical Analysis at a Glance
Monero’s price after reaching the yearly highs above INR 21,000, dropped heavily by more than 50% within a month. Further, despite a rebound, the asset fell drastically to the lowest levels that it had not visited in the last 18 months. Therefore, the upcoming trend is also assumed to be pretty bearish with the prices sliding down to discover new lows ahead.
|Short-Term (1hr)||The XMR price is heading strongly towards the lower support after slicing through pivot levels in the early trading hours|
|Mid-Term (4hr)||The descending trend appears to be eased for a while ahead as the asset appears due for a short-term bounce|
|Long-Term (D)||The selling pressure has accumulated and hence a strong descending trend may be well in place for Monero price|
Technical Indicators & Pivot Levels
|Technical Indicators||Value(1D / 1M)||Action (1D / 1M)|
|Relative Strength Index(RSI)||22.88 / 42.43||Oversold / Sell|
|MACD(12,26)||-15.38 / 790.2||Sell / Buy|
|Average Directional Index(ADX)||55.18 / 36.62||Sell / Sell|
|Bull-Bear Power||-87.75 / -4676.9||Sell / Sell|
|Moving Average(MA)-50||INR 14169.8||INR 16,280.3||INR 9939.3|
|Moving Average(MA)-200||INR 14692.9||INR 10019.5||INR 2715.1|
|Resistance||INR 16,160||INR 22,090.1||INR 23,411.6|
|Support||INR 7559.8||INR 6067.9||INR 4567.32|
|Average True Range(ATR)||1006.42||3177.25||8005.34|
The Monero (XMR) price currently is extremely bearish in all the time frames. As the price has dropped below the crucial levels, the possibility of a rebound is pretty less. Moreover, the indicators heavily point out toward ‘sell’, with less volatility and hence the descending consolidation may continue for a long. Therefore, after shedding massive gains, the asset may rebound firmly as the market conditions settle out which may take a couple of months.
XMR Price and Technical Analysis for May-July
- The XMR/USDT chart displays huge possibilities of continuing with the bearish trend ahead as the asset has broken down the crucial support at INR 9232
- Therefore, the price could continue sliding towards the lower support somewhere close to INR 7600 and expect a rebound in the last week of June
- Here if the prices fail to hold could continue with the descending trend throughout July to test the last point of defense above INR 5000 at INR 5968
- By the end of July, the asset may gain some bullish momentum and rise high to test a couple of higher resistance levels by
- Further with the beginning of August’s trade, the price may again fall into the same bearish trend but the lower support at INR 7600 may be held strong
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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