The crypto industry continues to exhibit volatile market trends as major cryptocurrencies record significant price fluctuations in their respective portfolios. Additionally, Monero has seen its valuation drop by more than 25% within the past 24 hours. The main reason is believed to be delisting from the Binance exchange.
Monero coin price traded in a narrow range between $162.5 and $172.5 for a short period of time, but then the market lost momentum and the price declined. The XMR token recorded over 11% correction in valuation. Over the next few days, the price hovered between $144.3 and $153.6.
As market volatility increased, the bulls gained enough momentum to break through the resistance level, after which the price traded between $153.6 and $162.5 for over a week. The bulls failed in multiple attempts to break through the resistance level, resulting in a price breakdown on the chart.
However, the bulls held the price firmly above the $144.3 support level and the price experienced a bounce within the range. After trading in a consolidation range for over a week, the cross EMA 50/200 day marked a death cross.
Monero price fell over 39.5% in valuation within hours, resulting in the price testing a key support level just above $100. The bulls kept the price firm above the $101.9 support level, with the price registering an increase of around 25%.
Will the price of XMR rise again?
The technical indicator MACD shows a declining red histogram, indicating an increase in buying pressure within the market. Furthermore, the average value shows mixed sentiments, suggesting that there is uncertainty in Monero's future price trend.
If the market sustains the price above the support level at $117.3, the XMR bulls will regain momentum and soon test the resistance level at $132.9. Holding the price at that level would set Monero up to test the $144.3 resistance level later this month.
Conversely, if the Monero token experiences another trend reversal, the Monero token will lose momentum and fall to test the $117.3 support level. Moreover, if the bears continue to outsmart the bulls, the stock price could drop further and be ready to test its key support level at $101.9 in the near future.
