Monero [XMR/USD] Technical Analysis: Coin breaks all supports and enters free fall

Monero [XMR], the tenth biggest cryptocurrency by market cap, broke all its support earlier today. The coin, which is particularly popular in the dark net, has lost more than half its value since it hit its all-time high. The privacy coin is not the only one which hopped on to the bear’s bandwagon, it was joined by Bitcoin [BTC], the king of the market, Ethereum [ETH] and Litecoin [LTC].

According to CoinMarketCap, at press time, Monero is trading at $65.18 with a market cap of $1.08 billion. The coin has a trading volume of $15.14 million and has plunged in the market by 4.77% in the past 24 hours.

1 hour:

In the one-hour chart, the cryptocurrency demonstrates a downtrend from $90.15 to $68.80 and further slumps to $66.80. It also has an uptrend from $64.73 to $66.40. The coin shows an immediate resistance $71.84 and a strong resistance at $76.83. The chart indicates that the coin has a strong support at $63.63.

Chaikin Money Flow is demonstrating that the money is flowing out of the market, as the line is well-below the zero line. This indicates that the coin is currently bleeding because of all the wounds caused by the bear.

Bollinger Bands shows that the bands are expanding, making room for more price action. This shows that the market is going to be volatile from hereon.

Parabolic SAR is picturing a different tale by predicting that the bull has a chance to defeat the bear. This is because the dots have aligned below the candlesticks.

1 day

In the one-day chart, the privacy coin shows a downtrend from $147.46 to 137.90. It also shows a steep downtrend from $84.20 to $66.07. The downtrend for the coin is so strong that there was no room for it to make a significant uptrend. The cryptocurrency has an immediate resistance at $114.23 and a strong resistance at $124.65. The chart demonstrates that the coin has broken all the support levels and currently has no support.

RSI is indicating that the selling pressure for the coin is higher than the buying pressure, indicating a bearish trend.

MACD also shows a bearish trend as the moving average line is below the signal line.

Klinger Oscillator also agrees with the RSI and MACD, as the reading line is well-below the signal line.

Conclusion:

The coin is going to stay in the bear’s house for a long duration. It has decided to camp there due the pressure from CMF from the one-hour chart, and RSI, MACD, and Klinger Oscillator from the one-day chart.