Will Bearishness Accelerate In XMR Price?

In 2023 and 2024, Monero's trading range fluctuated between $110 and $180 on the weekly chart.

After a decline in the first quarter of 2024 from the upper to the lower border of this range, the price rebounded in the second quarter, peaking at $183 on June 12th, 2024.

However, subsequent sell-offs caused the price to fall again, though it found support at the trendline.

Currently, XMR has slipped below the 20-day EMA band and is approaching the 50-day EMA band, with bearish momentum potentially accelerating. The long-term dynamic support is near the 200-day EMA band, and falling below this level could signal a trend reversal.

Key horizontal support levels are at $160 and $150. Conversely, breaking through the supply zone near $180 could push the price to $190 and $200.