$XMR fell 4.09% over the weekend after being rejected at the key resistance zone of $420, failing to reach the $450 target.
Click Here: 30% Cashback on Transaction Fees at Binance Wallet/Web3
š¹ Although the weekly structure still show an uptrend, the On Balanced Volume indicates a worrying bearish divergence over the past 7 month. The upward momentum is driven by weakening demand, making it unsustainable.
šø On the 4 hour chart, the RSI has fallen below 50 and the On Balanced Volume has hit a new low, indicating increased selling pressure.
š¹ The psychological support level at $400 is under threat. If the price drop sharply here, the path will lead to levels of $395, $380, and ultimately the $360 demand zone.
šø Trader should consider taking profit on long position. Opening new buy order carries high risk unless $BTC surpasses $94k to bolster overall market confidence.
Will the psychological $400 level hold, or is a return to the $360 demand zone inevitable due to a lack of buying volume?
Follow Trading Insight_Research for updates. News and information are for informational purposes only and are not investment advice. Please read carefully before making any decisions.
