![Monero [XMR]: Can bulls defend $163 support level as bears take over](https://i.headtopics.com/images/2023/2/9/cryptoamb/monero-xmr-can-bulls-defend-163-support-level-as-b-monero-xmr-can-bulls-defend-163-support-level-as-b-1623465451715014657.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. XMR formed a descending channel pattern. Investors were strongly bearish on XMR as Open Interest (OI) fluctuated. Monero’s [XMR] press time plunge was likely because of an increasing divergence in key technical indicators. XMR […]
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Investors were strongly bearish on XMR as Open Interest fluctuated.
Monero could drop further and break below the crucial $163.8 support level. However, the drop could be checked by the $157 or $154 support levels. Nevertheless, the market weakened further, as shown by the dropping RSI and fluctuating volume . Therefore, bulls may have difficulty regaining control at the $163.8 level.According to Santiment data, investors were strongly bearish on XMR, as shown by the negative sentiment. In addition, the demand for the asset in the derivatives market has been fluctuating, limiting its strong uptrend momentum in the past few days/weeks.
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