- XMR/USD explores the area below $74.00 amid downside correction.
- An important support area is created on approach to $70.00.
Monero (XMR) is one of the biggest losers among top-20 coins. XMR/USD has lost nearly 10% since the beginning of Thursday to trade at $73.64 by press time. While the coin has recovered from the intraday low of $72.80, it is still controlled by bears amid expanding volatility. On a day-on-day basis, Monero is down 1.73%.
Monero’s technical picture
XMR/USD hit $82.33 on Wednesday amid strong bullish sentiments among altcoins. However, the coin failed to hold the ground and started a downside correction from deeply overbought levels. The price reversed all the gains of the previous day and continued moving down.
Looking technically, strong support is created by the recent low of $72.80, with the next strong barrier located on the approach to psychological $70.00. Once it is out of the way, the downside is likely to gain traction with the next focus on $69.50 (SMA50 (Simple Moving Average) daily chart).
On the upside, the initial resistance is created by the middle line of a Bollinger Band on a daily chart located on the approach to $75.00. We will need to see a sustainable move above this handle to mitigate the immediate bearish pressure. The next resistance comes at $77.90 (SMA200 daily), followed by psychological $80.00 and SMA50 at $80.70.