Monero’s short term sell-off is about to end

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  • XMR nearing key support zone in the near term.
  • Long term consolidation still not over.

Monero the crypto, which has been facing relentless sell-off in the past few days, is nearing a key support zone in the near term that should help curtail losses in the price for now, even as the consolidation phase of the long term is far from over.

XMR/USD is down more than a percent on day at $104.08, few cents away from the low point of the day. On the 240-minute chart of the crypto, after this week’s nearly 10 percent sell-off, XMR is nearing a key support zone that should help stabilising the prices in the immediate term.

Although the long term consolidation phase is still not over and as long as XMR remains below $130-140 zone, there would always be selling pressure at higher levels.

XMR/USD 240-minute chart:

 

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