XRM could dip below the January low of $413: Check forecast

Key takeaways

• Monero is down 4.5% in the last 24 hours and risks dropping below the January low.
• The coin has lost 42% of its value since hitting an all-time high price of $798 twelve days ago.

XMR continues to decline as the market remains bearish

XMR, the native coin of the Monero blockchain, is one of the worst performers among the top 20 cryptocurrencies by market cap in the last 24 hours. It has lost 4.5% since Sunday and now trades below $460.

The bearish performance comes as the broader cryptocurrency market continues to underperform. XMR defied market conditions in December and early January, rallying to a new all-time high of $798 on January 14.

Its rally was fueled by growing demand for privacy-focused cryptocurrencies, with DASH, ZEC, and ZCash also rallying during that period.

However, the rally has died, and XMR has lost 42% of its value since then. It is currently trading at $459 and risks dropping below the January low of $413 if the bearish trend continues. 

Monero could dip below the 100-day EMA support

The XMR/USD 4-hour chart is bearish and efficient as it has lost 42% in the last two weeks, suggesting reduced demand for the privacy coin.

Currently, XMR is hovering above $450, stabilizing above the 100-day EMA at $437, after a 10% drop on Sunday. 

If the bearish trend continues, XMR could drop below the January low of $413, wth the 200-day EMA at $383 still the primary trend floor. 

The MACD line stays below the signal with both falling toward the zero line, flagging firm bearish momentum. Furthermore, the RSI at 32 indicates a bearish shift as sellers retain the near-term edge without oversold conditions. 

On the flip side, if the bulls regain control, XMR could rally above the 50-day EMA at $485, clearing the path for further pump above $500.

The post XRM could dip below the January low of $413: Check forecast appeared first on CoinJournal.