Monero Price Analysis: XMR crashes to $220 support

TL;DR Breakdown On the 24-hour time frame, the daily Monero price analysis indicates bearish sentiments.The daily range is from $214 to $226 daily.On the 1-hour chart, our MACD histogram displays short red bars. The 24-hour chart shows that the bears have taken control of the market following the bulls’ failure to maintain prices above $260. As a result, the price dropped from around $261 to approximately $214. Our outlook for Monero is negative, and we expect it to weaken further. We anticipate the decline to continue throughout the day, with a first bear target of $210 set. This is in case the buyers don’t consolidate enough power to withstand any future upside rejections. In the overall market, cryptocurrencies are trading bearishly, with BTC losing 4.15 percent in value. Ethereum, on the other hand, has dropped by more than 6% on the 24-hour dial, while Cardano decreased 7.49 percent to take the lead as the worst performer. Monero price analysis in the last 24 hours: XMR/USD struggles to beat $230 resistance The XMR/USD pair was confined to a limited daily range, which crossed an intraday low of $214 and an intraday high of $226. The range implies decreased volatility. The daily trading volume also increased by 37 percent to $221 million, according to our daily Monero price analysis. Meanwhile, the last 24 hours have witnessed a 5.5 percent decrease in Monero’s total market capitalization to a sum of $4.589 billion....