About the $200 mark, Monero was treading water, with the crypto likely to give way to a wave of selling pressure. Over the last few days, Ontology dropped under several stages of former help and could break past one or two more. Finally, an area of demand flipped to one of supply was shown by Synthetix.
After XMR’s bulls attempted to keep the price above $200, the RSI fell under 50 and tested it as resistance on the hourly scale. This could be an uphill battle, especially if Bitcoin keeps falling.
$220 and $180 are the amounts to look out for over the next few days. Climbing above $220 would mean that XMR has started a rebound, while falling below its previous local low of $180 would further see XMR shed value.
Over the past few hours, the Stochastic RSI has been recuperating from oversold territory. As the price dropped, the trading volume increased, pointing to the fact that heavy bearish market sentiment was still in place.
A clear bearish pattern was in progress with the Directional Movement Index as the ADX (yellow) rose above 20 alongside the -DII (pink). The Amazing Oscillator also underlined the momentum of the southern market.
The next levels of interest for ONT were the support levels of $0.75 and $0.68. Before any coin can be considered to be on the path to recovery, a sign of some strength from the bears, such as a double top, will be needed.
The fractals were used on the hourly chart to give some more significance to the points that formed the boundaries of the descending channel. As can be seen, under the channel, SNX concluded a trading session and rose to re-test the $18 region as one of supply, formerly demand.
The market’s bears, having reported this dip, pushed the price down. At the time of publishing, the next levels of support for SNX were $16 and $14, both reflecting declines of 10 percent and 21 percent from where the stock traded.
The MACD noted good bearish momentum, as did the exponential moving averages of 8-period and 20-period (blue and white respectively).
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