XMR trades at $40 but could drop lower as the bearish trend thickens
Monero’s price remains above $140, but XMR could find it hard to maintain this position as the broader cryptocurrency continues to underperform.
XMR, the native coin of the Monero ecosystem, is down by less than 1% over the last 24 hours and is currently trading at $140.66 per coin.
The recent poor performance has erased the gains recorded earlier this week. XMR is down by roughly 1% in the last seven days and could find it hard to maintain its position above $140.
What is driving Monero’s price lower today?
There is no apparent catalyst behind Monero’s poor performance today. Its performance coincides with that of the broader cryptocurrency market, which is down by more than 1% in the last 24 hours.
The total cryptocurrency market cap could drop below $900 billion for the first time in a month if the current bearish momentum persists.
Bitcoin has lost more than 1% of its value today and is now trading below $19k. Meanwhile, Ether is also down by more than 1% and is currently trading around $1,280 per coin.
What’s the outlook for the Monero price?
Despite holding its position at $140, Monero would most likely drop lower over the coming hours. Its performance would depend on how the broader crypto market performs, as there is no major news coming out from the Monero ecosystem at the moment.
Failure to maintain its price above $140 could see XMR drop toward the $125 level over the next few days.
Monero technical analysis
The XMR/USDT 4-hour chart has turned bearish as Monero has been underperforming over the last few days.
XMR/USDT Chart By TradingView
The MACD line dropped into the negative zone yesterday, indicating that the bears have taken control of the Monero market.
The 14-day relative strength index has also declined and currently stands at 43. If the bearish momentum grows stronger, it could enter the oversold region over the weekend.
If the bearish trend continues, XMR could drop toward the $133 support level for the first time since July. However, the second major support level at $121 could hold over the coming days.
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