Monero Price Analysis XMR / USD: Bears Winning – Crypto Briefing

  • Monero is heavily bearish in the short-term, with any moves higher in the cryptocurrency currently being heavily sold
  • A bearish head and shoulders pattern on the four-hour time frame suggest that the XMR / USD pair could drop towards the $58.00 level

The technicals for Monero are mostly bearish at the moment, with a number of patterns suggesting that the XMR / USD pair remains vulnerable to further losses while trading below the $88.00 level. In the near-term, a breakout from the $74.50 to $88.00 levels will almost certainly determine the next strong directional move in the cryptocurrency.

After peaking around the $120.00 level on June 23rd this year Monero has subsequently seen a bearish shift, with the cryptocurrency sold hard on rallies back towards the $100.00 level. The four-hour time frame now depicts a complex bearish head and shoulders pattern in play, with the $58.00 level the overall downside target.

The daily time frame also shows that major trendline support is located at the $58.00 level, which further underscores the importance of this key technical area which may soon start to come into focus.

SIMETRI Research

The XMR / USD pair’s 200-day moving average is currently located at the $74.50 level, which is a key technical area that bulls have been defending since the rapid decline from the $120.00 level. We should expect technical selling to increase if we see a sustained breach of the 200-day moving average over the coming sessions.

According to the latest sentiment data from, the short-term sentiment towards Monero is currently slightly positive, at 51.10 %, while the overall long-term sentiment towards the cryptocurrency is bearish, at 29.00%.

XMR H4 Chart August 23 by TradingView
XMR / USD H4 Chart by TradingView

Upside Potential

The four-hour time frame is showing that if bulls break above the $91.00 level, the August 8th swing-high, around the $98.00 level will offer the strongest form of technical resistance. The mentioned time frame currently shows four lower price highs, making a break above the most recent swing-high, at $91.00, technically very important.

The daily time frame highlights that the XMR / USD is trading below the 50-day moving average, at $87.00, but above its 200-day moving average, which is found at the $74.50 level.

XMR Daily Chart August 23 by TradingView
XMR / USD Daily Chart by TradingView

Downside Potential

The downside potential for the XMR / USD pair is likely to accelerate if we see the $74.50 support level broken, leaving the July 17th swing-low, at $71.20, the most important support area to watch prior to the $65.00 level.

The RSI indicator on the daily time is trading around $48.00, and highlights that the XMR / USD pair is still not yet oversold and certainly has plenty of downside potential if we start to see sustained weakness below the $74.50 level.


Monero has significant downside potential if we start to see price break below the $74.50 level. The bearish pattern on the four-hour time frame is pointing to a possible move toward the $58.00 level.

Overall, the short-term technicals are still very bearish, traders should be on guard for a potential medium-term bearish shift, if we see a move below the XMR / USD pair’s 200-day moving average.

Check out the Monero coin guide for a quick look into the privacy coin.

For a deeper look we published a detailed DARE, part of our SIMETRI research offering.

Stay up-up-to-date with our live BlockTV feed!

They even took out the ads, to show their support for our cause!


Free Email Updates
Get the latest content first.
We respect your privacy.

Cryptocurrency Investing



Blockchain Revolution