Monero Price Prediction: Descending Triangle Breakout Triggers Sell-off at $240

• During the iPhone 13 unveiling event, scammers used a false event stream to scam people.
• On Wednesday, the Monero was trading bearish at 230 level, holding below 50 days EMA. 
• Forex trading participants may have an excellent sell opportunity below the $242 level. 

On Wednesday, the Monero was trading bearish at 230 level, holding below 50 days EMA. The day before, the XMR/USD was closed at $217.800 after reaching a high of $237.500 and a low of $212.400. The XMR/USD continued its bearish streak for a third session and dropped to its all-time lowest level amid the prevailing market crash. Monero price prediction seems bearish below 245 level amid support become a resistance level. 

The former lead maintainer of the privacy coin Monero, Riccardo Spagni, has been released from U.S. custody after more than a month. Spagni told the media that he was working with his legal team to return to South Africa to address the allegations against him. Last month, Spagni was arrested on fraud charges for crimes in South Africa between 2009 and 2011 in Cape Cookies. 

Meanwhile, the whole cryptocurrency market was under pressure due to rising fears of the potential collapse of Chinese real estate giant Evergrande. The company is the largest indebted real estate company globally, with $300 billion in debts. 

It has revealed that the September debt repayment dues were too heavy to pay until the deadline and could eventually collapse due to a substantial decline in contract sales. 

The company’s liquidity came into question after this headline appeared in the market and affected global financial markets, including the crypto market. The cryptocurrency Monero also followed the trend led by the massive sell-off in Bitcoin and dropped on Tuesday.

The Crypto Scam Weighs on Peer Crypto Pairs 

During the iPhone 13 unveiling event, scammers used a false event stream, a fake Apple website, and the promise of free Bitcoin to deceive naïve customers, according to the media. According to AppleInsider, people browsing for the Apple Event on September 14 may have stumbled across a similar stream that showed past interviews with Apple CEO Tim Cook instead of the “California Streaming” broadcast.

According to the article, those stuck around saw messages come up in the video urging them to go to www.2021.apple.org.

Monero Price Prediction -Daily Technical Levels

Support Resistance

207.634 232.734

197.467 247.667

182.534 257.834

Pivot Point: 222.567

Monero Price Prediction – 50 EMA Underpins at $242

Monero price prediction seems bearish below the 50 days EMA resistance at 242 level. On the 4-hour timeframe, the XMR/USD has already violated the support level of 242, which was being extended by a descending triangle pattern. This pattern has been violated now, and the triple bottom support level is now likely to extend resistance at 242 level. 

On the downside, the $225 support level breakout may extend the selling trend until the $212 level. Monero may find the next resistance at the $242 and $256 levels on the bullish side. Further breakout of the $256 level exposes Monero’s price towards the $277 level.

Currently, the XMR/USD is holding right below an immediate resistance level of $235, that’s been extended by 50 periods EMA (exponential moving average). Technical indicators such as the Stochastic RSI have entered the overbought zone. Thus, the odds of a selling correction remain high below the $242 resistance level. 

Thus, Forex trading participants may have an excellent sell opportunity below the $242 level. The initial target might stay at $225 and then $213 in the coming days. Alternatively, Monero may offer a buy trade above the $245 level today. All the best.

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