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Monero remains above $140, but XMR may find it difficult to maintain this position.
XMR, native coin Monero It is currently trading at $140.66 per coin, down less than 1% over the last 24 hours.
Recent poor performance has wiped out the gains recorded earlier this week. XMR has fallen about 1% over the past 7 days, and it may be difficult to sustain positions above $140.
There is no apparent catalyst behind Monero’s poor performance today. Its performance is in line with that of the broader cryptocurrency market, which has fallen more than 1% over the past 24 hours.
If the current bearish momentum continues, cryptocurrency market cap could drop below $900 billion for the first time in a month.
Bitcoin It has lost more than 1% of its value today and is currently trading below $19,000. Meanwhile, Ether is also down more than 1% of his, currently trading at around $1,280 per coin.
Despite holding a $140 position, Monero is likely to fall in the next few hours.With no major news coming out of the Monero ecosystem at the moment, its performance is likely to fall in line with broader crypto. Depends on how the market works.
If the price fails to sustain above $140, XMR could drop to $125 levels in the coming days.
The XMR/USDT 4-hour chart is bearish as Monero has underperformed in recent days.
The MACD line fell into the negative zone yesterday, indicating that the bears dominated the Monero market.
The 14-day Relative Strength Index has also fallen, now standing at 43. If the bearish momentum picks up, it could enter oversold territory over the weekend.
If the bearish trend continues, the XMR could fall to the $133 support level for the first time since July. However, the second major support level at $121 is likely to hold for the next few days.
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