Monero Price Analysis: XMR could be headed to 50.00

• Monero trades 0.80% lower on Wednesday as crypto sentiment remains weak.
• There are some indications on the hourly chart that the price might be looking to fall.

XMR/USD 1-hour chart

Monero as been struggling as you can see from the hourly chart below. The price has started to make consecutive lower highs and lower lows staircasing to lower levels. In more recent times the lower high waves have been marked by the two black rectangles and the wave low has now been broken which is marked by the black horizontal line. This whole pattern suggest the price of XMR might fall further. 

In terms of targets, 50.00 has recently been the main support as buyers stepped in ahead of the level back on the 13th April. This level only seems logical as it is the next major support on the downside and its a round number. On February 4th there was also a large volume spike to the upside so watch out for some similar price action should we hit the level.

Additional levels