Monero Price AnalysisCurrent Situation- Downside Risk: Monero price is vulnerable to the downside as the buying volume tapers in a strategic support area of $440-$465.
- Sell Pressure: The crypto showed a strong intraday sell, indicating high volatility and strong participation during the sell side.
Technical Indicators – RSI:
The Relative Strength Index is in the neutral zone, which means that even though the fall has occurred, it has not entered the oversold zone.
- Moving Averages: The short- and long-term moving averages are below the level of the current prices, which indicates that this movement is merely a correction within an uptrend.
Support and Resistance
Support Zone
The current level of support is in and around $440 to $465. Any breakout below that level may cause further weakening. - Resistance Zone: The overhead resistance is at the level of the former support zone, and this zone must be regained. Outlook - Volatility:The market is in the corrective stage, and the risk preference for the next phase leans towards volatility. - Bullish Rebound: A corrective move towards the resistance region may be expected if Monero is able to sustain itself inside the existing levels and form higher lows on the hourly charts.
