Since last week, the broader cryptocurrency market has experienced severely bearish trends. On Tuesday, most major coins saw its prices plunge over 10%. The continued slump in the market began with investors worrying over the highly-contested Bitcoin Cash [BCH] hard fork that took place last week. However, contrary to most expectations, the market did not stage a recovery this week and has continued its downfall. The latest market crash saw the price of the top crypto Bitcoin [BTC] dive well below $4,500, with no signs of any reprieve soon. Monero has also failed to shield itself from the selling pressures in the market, with XMR’s price plunging more than 15% against the U.S. dollar. The coin has dropped to $64.15, its lowest level since August last year.
The 100 EMA line, currently trading at $91.52, indicates that the coin is exhibiting a downtrend. The MACD indicates that the cyrpto is trading in bearish territory. The hourly RSI indicator currently stands at 32.53, which implies that the digital asset is nearing oversold levels in the market. As the virtual currency has continued to decline, a new support has begun to form at $69.82. However, XMR has breached this major support level as well and will likely fall further before recovering.
On Tuesday, the virtual currency had lost $138 million from its total market value. At the time of writing, its market cap stood at $1.12 billion. XMR is currently exhibiting a trading range of $65-$75. At press time, Monero had slumped 15.4% against the U.S. dollar to trade at $68.79. 90
At press time, the coin had inched up 0.4% against Bitcoin [BTC]. At present, one XMR is valued at around 0.014 BTC.
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