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Ahmed Balaha
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Monero (XMR) hit a brick wall at $380 this week, prompting a bearish Monero price forecast as the bullish momentum comes from the private sector.
The rejection was violent and accurate. Price action is now moving lower, locked below the 200-day Exponential Moving Average (EMA) with bears controlling the tape.
Monero Price Prediction: Can XMR Hold $150 or Has It Crashed to $135 Coming?
XMR is sitting at $355.95 on the 2h chart, and the structure here is confusing but there is something worth noting under the noise.
The price crashed in early February, falling from above $400 to $287 in a straight fire, and what has happened since then is a slow recovery that has been at the bottom for the past 6 weeks without breaking out again.
The $400 level marked on the chart as a red dotted line is the emotional and technical ceiling that has not been returned since it was dropped, and every attempt since February has failed to return there, including the recent push at $383 that rolled back to $340 before hitting again.
Current price trends show that XMR is rising in the area of $340 for the second time in a week, which is starting to define the area as a short-term support area, and a return to $356 shows that buyers are always showing up.
The immediate resistance is felt in the range of $360 to $370 where the price has been increasing, and above it the most recent $383 is the last wall before the $400 rebound.
The bearish case is straightforward, the lowest since the peak of February combined with the recovery pattern shows that it is a distribution instead of accumulation, and a break below $340 could open the door back to the $305 to $310 lows.
The $400 level is a line in the sand. Until this is reversed, the chart is still in a recovery mode, not a recovery mode.
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