- XMR/USD slips below $200 despite weakness in the U.S. dollar.
- Powell’s dovish statement and sluggish jobless claims fail to support XMR/USD.
- Monero testing the double bottom support at $193.50.
The XMR/USD coin managed to recover its previous day’s losses and drew some mild bids around above 200.24 level. Monero (XMR) had been trending downwards since the all-time high was placed at the start of May.
Monero price forecast continues with mixed gloomy price action before moving lower. At the time of writing, MXR/USD coin is trading at $200.24 with a 24-hour trading volume of $144,829,006. It is rose by 2.71% in the last twenty-four hours.
Weaker Dollar Underpins Monero Price
The weaker U.S. dollar recently gave a lift to the XMR/USD coin pair. The Fed’s dovish bias was pressuring the U.S. dollar. Powell recently said that monetary policy would remain accommodative. While insisting inflationary pressures were transitory, he added that the Fed expects to continue its bond-buying until there is “substantial further progress.”
Powells further said that interest rates would likely remain near zero until at least 2023. Thus, the losses in the U.S. dollar were seen as one of the critical factors that help XMR/USD prices to stay bid.
XMR/USD Forecast: Double Bottom Supports at $192.68
Pivot Point: 198.65
XMR/USD Forecast – Technical Analysis: Can XMR Violate 192 Support?
The XMR/USD forecast is quite bearish as the pair has closed two solid bearish engulfing candles below $200.
On the 2 hour chart, the XMR/USD pair has closed a descending triangle pattern. This pattern is supporting the pair at 193.50 level along with resistance at 200.76 level.
The odds of bullish reversal are weak today: however, the failure to break below 193.50 can trigger a bounce off. On the higher side, the breakout of 200.76 resistance can lead Monero towards the 205.67 level.
The breakout of the double bottom level at 193.52 level can extend the selling trend until 188.68 and 185.32 support levels.
From a technical perspective, the market forecast for Monero is bearish. Fifteen technical indicators out of the total twenty-six are giving out a hint of selling bias.
The technical tools like MACD and 50 periods EMA are exhibiting a strong bearish bias. The MACD has started closing histograms below 0, demonstrating a bearish crossover. At the same time, the 50 EMA is extending resistance at 199.50.
The XMR/USD forecast is strongly bearish today. Thus, forex trading participants may have an excellent sell opportunity below the 192 level. The initial target might stay at 188.68 and then 185.32 in the coming days. All the best.
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Read More: Double Bottom Supports XMR/USD at $193.50 |