For those who expected a swift turn-around from the incredible lows of last week, when the market cap slipped to its lowest point in over a year, were left bitterly disappointed at the turn of this week. The collective market added a mere $3 billion before slipping back to the lows of $182 billion. The failure of major coins to spark a resurgence is the main reason for the continued bearish movement, certain coins enjoyed a brief upswing, but were ensconced by the market’s collective bears and began to fall.
Monero [XMR] despite making recovery strides from November 15 to November 18, has once again begun to fall worse than any other coin in the top 10. XMR is currently occupying the 10th spot on the global coin ladder and is less than $150 million of the Cardano, in the 9th spot. Given its ongoing trajectory and the pressing nature of the bulls, Monero doesn’t look likely to break further up the coin ladder.
The key resistance level of the coin is $107.42, which the coin last touched at the beginning of the month. XMR slipped below the $100 at the peak of the market collapse and has been pushing down since. The key support level of the coin is $85.27, which the coin is sluggishly hovering just over. The MACD line indicates that XMR is entering into a bearish phase, while the 100 EMA line shows that the coin is going through a downtrend.
Investors have been immensely pessimistic about the market, especially after last week’s events and hence are pulling out in large swaths. XMR has experienced the same, with the coin’s RSI dropping to 35.17, its lowest point since it entered the oversold zone on November 15. The trading range exhibited by the coin is $86.15-$90.32, with the coin on the lower end of the scale. At press time, the coin has slumped past the U.S. dollar by 4.05% and is valued at $86.77.
The virtual currency has declined against Bitcoin [BTC] by 3.69%, currently, one XMR is equivalent to 0.01561112 BTC.
At 1500 UTC on Thursday, the market cap of the coin slipped to its lowest low of the past year, with a valuation of $1.37 billion after which it began to stabilize. The coin began to stabilize and started a mild upswing which concluded at a valuation of $1.51 billion by early Sunday. Since the market meltdown, XMR dropped most violently late Sunday night after days of hopeful stabilization. At 2100 on Sunday, the market cap stood at $1.5 billion and it dropped by 4.72% in a few hours to $1.42 billion. At press time, the market stands at $1.43 billion.