Monero (XMR) hit a brick wall at $380 this week, fueling a bearish Monero price forecast as momentum in the privacy coin sector fades.
The rejection was violent and precise. Price action is now moving lower, trapped below the 200-day exponential moving average (EMA), with bears firmly in control of the band.
Monero Price Prediction: Can XMR Hold $150 or Is a Crash to $135 Coming?
XMR sits at $355.95 on the 2-hour chart, and the structure here is messy, but there is something to note beneath the noise.
The price was completely wiped out in early February, going from over $400 to $287 in a near vertical surge, and what has happened since then is a slow and choppy recovery that has reached higher lows over the past 6 weeks without ever completely collapsing again.
The $400 level marked on the chart by a red dotted line is the psychological and technical ceiling that has not been recovered since the initial drop, and every rally attempt since February has failed to return to it, including the most recent push to $383 which flipped and returned to the $340 range before rebounding again.
Current price action shows XMR bouncing off the $340 area for the second time in a week, which begins to define this area as a short-term support floor, and the move back towards $356 suggests buyers are showing up there regularly.
Immediate resistance to clearing is the $360-$370 range that price has been fluctuating in, and above that, the recent high of $383 is the last wall before $400 comes back into view.
The bearish case is simple: lower highs from the February high combined with an unstable recovery structure suggest this is a distribution rather than an accumulation, and a break below $340 would open the door to the $305-$310 lows.
The $400 level is the line in the sand. Until this is recovered, this chart is still in recovery mode and not breakout mode.
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The article Monero Price Prediction: XMR stuck below $180 as exchange liquidity dries up appeared first on Cryptonews.
