XRM may fall below the January low of $413, check the forecast
Key receivers
Monero is down 4.5% in the last 24 hours and is in danger of falling below the January low.
The coin has lost 42% since hitting a high of $798 twelve days ago.
As the market continues to be weak, XMR will continue to decline
XMR, the native coin of the Monero blockchain, has been one of the top 20 cryptocurrencies by market value in the last 24 hours. It has lost 4.5% since Sunday and is now trading below $460.
The bear performance comes as the broader cryptocurrency market continues to underperform. XMR defied market conditions in December and early January, rallying to a new all-time high of $798 on January 14.
The rally was fueled by growing interest in privacy-focused cryptocurrencies, with DASH, ZEC and ZCash rallying during that period.
However, the rally died down, and XMR has lost 42% of its value since then. It is currently trading at $459 and is at risk of falling below the January low of $413 if the trend continues.
Monero could dip below the 100-day EMA support.
The 4-hour chart of XMR/USD is weak and bearish as it has lost 42% over the past two weeks, indicating that demand for the privacy coin has waned.
Currently, XMR is hovering above $450, stabilizing above the 100-day EMA at $437 after a 10% decline on Sunday.
If the bearish trend continues, XMR could drop below the January low of $413, with the 200-day EMA at $383 still the primary trend floor.
The MACD line remains below the signal, both falling to the zero line, indicating solid bearish momentum. Additionally, the RSI at 32 indicates a bearish transition as sellers hold the recent peak without being bullish.
Conversely, if the bulls regain control, XMR could rally above the 50-day EMA at $485, clearing the way for an additional pump above $500.
