Monero has been affected by the volatility that has encompassed the digital asset market after making a tragic fall in the last few hours. Coming off the digital assets fall below its support level was a recent surge that it reached highs considered to bring profits to investors.
The digital asset is still moving in a decline fashion after the tragic move that saw the digital asset move from $142 to a region of $120. According to analysts, the digital asset would further continue to trade downward if it breaks below both the 9 day and 21-day moving averages, respectively.
Bearish run is expected in the coming days
Even though the bears are very much present in the market at the time of this publication, a bullish fashion movement would see the digital asset move close to the $150 resistance level. Peradventure breaks above the $150 resistance level, the digital asset could go all the way above the $160 and $170 resistance level, respectively.
If the bulls are not on hand to protect the digital asset’s current price at $131, the bears could showcase their presence in the market to run the cost of the digital asset to around $110. A further downside could see the digital asset touch the $100 and $90 price region. All the on chain analysis of the digital asset is pointing it in a bearish direction, especially its Relative Strength Index, which shows that it is well above the 40 level.
Bulls can defend the price and take it high
In comparison with the leading digital asset, Bitcoin, the digital asset has been going way below the descending channel and has been trading sideways. In the past few days, the digital asset has been making a bearing run, moving under the 9 day and the 21 day moving average.
With the bears hoping to compile the digital asset market pressure, the pairing of MXR/BTC has traded below to reach the critical level of 3200 Satoshi. The movement on the chart shows that the market is still going the way of the bears and would continue to be so for the remaining days.
If the price hopes to make any comeback, the price of the asset would need the bulls to push the price above the support figure. If the bull run is sustained, it could see the digital asset touch further support levels that could take Monero to above 5200.