Monero Price Analysis — August 1
Monero appears to be on a bearish trajectory towards the upper $140.00 area as the crypto market took a break from its aggressive recovery from last week. XMR tapped a high of $166.90 last week, where the price came into contact with my long-term bullish channel, prompting a correction.
That said, the privacy blockchain cryptocurrency is locked on touching the $150.00 low in the coming days. On a larger time frame (daily stochastic indicator) the bearish correction seems warranted, considering the price has wandered too far into overbought conditions. Regardless, I do not see the ongoing bearish correction extending below the $146.00 mark, the projected base of my channel, before a bullish rebound kicks in.
Meanwhile, my resistance levels are at $160.00, $165.00, and $170.00, and my key support levels are at $150.00, $146.00, and $140.00.
Total Market Capitalization: $1.07 trillion
Monero Market Capitalization: $2.95 billion
Monero Dominance:0.27%
Market Rank: #26
That said, the privacy blockchain cryptocurrency is locked on touching the $150.00 low in the coming days. On a larger time frame (daily stochastic indicator) the bearish correction seems warranted, considering the price has wandered too far into overbought conditions. Regardless, I do not see the ongoing bearish correction extending below the $146.00 mark, the projected base of my channel, before a bullish rebound kicks in.
Meanwhile, my resistance levels are at $160.00, $165.00, and $170.00, and my key support levels are at $150.00, $146.00, and $140.00.
Total Market Capitalization: $1.07 trillion
Monero Market Capitalization: $2.95 billion
Monero Dominance:0.27%
Market Rank: #26
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.