Monero Price Plummets to Key Level as Buyers Lose Steam
Monero's price has dropped significantly from its recent high of $560, leaving investors wondering whether it can hold above the key level of $490-$500.
The past few weeks have been quite volatile for the privacy coin, but things seem to be slowing down now. At press time, XMR was trading near the $500 mark after pulling back from its recent high.
On the daily chart, it's clear that buyers are no longer pushing prices higher with the same intensity as before. The Relative Strength Index (RSI) has fallen to a near-neutral 53, and the Moving Average Convergence Divergence (MACD) is weaker, with the histogram falling further into red areas.
Sellers seem to be gaining more control, and traders are closing positions rather than buying. Aggregated Open Interest has dropped to $151 million, which is a concerning decline from earlier this week's higher numbers.