On May 28, the Monero price reached a high of $99.0. After a gradual decrease, similar highs were reached on May 30. The XMR price has been decreasing since, creating several lower high and lows.
Lows close to $81 were reached on Jun 4. Where will the Monero price go next? Keep reading below in order to find out.
Monero (XMR): Trends And Highlights for Jun 6
- The Monero price has been on a downtrend since May 30.
- It is trading inside a descending channel.
- It is following a long-term ascending support line.
- It is trading between short-term moving averages.
- There is support near $79.
Symmetrical Triangle
The XMR on Binance is analyzed at two-hour intervals from May 28 to Jun 6 in order to define its current trading pattern.
On Mar 27, the Monero price made a low of $94.29. A gradual decrease was followed by an increase. On May 30, the price made a high of $100.87.
Since then, it has made successive lower highs and lows. Tracing them gives us the descending channel outlined below:
At the time of writing, the XMR price is trading in the middle of the channel, struggling to break through $87.
Next, we will look at technical indicators in order to predict its future movements.
Monero Price: Moving Averages
The Monero price is analyzed alongside the 10- and 20-period moving averages below:
Firstly, we can see that the Monero price has been following an ascending support line since May 13. Furthermore, the candles which have touched this support line have been characterized with long lower wicks — indicating that there is significant buying strength around that level.
The recent upward move on Jun 4 took the XMR price above the 10-period MA. However, it is still trading below the 20-period one. This indicates that the market is not yet ready to begin a decisive move.
Rather, it is likely that it will continue to trade within the confines of the channel. Furthermore, the candlestick patterns make it unlikely that the Monero price breaks down below the long-term ascending support line.
Possible future movements are shown in the graph below:
However, a breakdown is still possible. If it does occur, where will the Monero price find support?
XMR Price: Support Areas
One support area is shown below for XMR/USD:
The closest support area is found near $79. If the Monero price breaks down from the support line, it is likely to provide a reversal.
Summary
The XMR price reached a high on May 30 and has been trading inside a descending channel since. The formation of candlesticks with long lower wicks indicates that there is significant buying power near $82. The analysis of technical indicators supports price movements inside the channel without significant fluctuations. Do you think the Monero price will continue to trade inside the channel? Let us know your thoughts in the comments below. Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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