The bearish trend continues in Monero (XMR) cryptocurrency market, but the trading volume is decreasing, so you should not expect a fast downward movement. Most likely, the coin will drop in price to a maximum of $ 200 by December 7th.
Traders broke through the lower line of the contracting triangle on November 26 again, and the value of XMR plunged 19%. Monero price dropped to its lowest level in the last four months – $ 203 (Kraken data). The asset rate corrected by 18% within two days, but then began to decline again, respectively, the bulls were unable to seize the initiative.
The support zone formed at $ 214, which coincides with 78.6% Fib, taking into account the pump from $ 178 to $ 339. With a high degree of probability, the Monero rate will decline to this zone. If the bears overcome the $ 214 barrier, then the coin will drop in price to $ 200.
XMR value is changing in line with the downtrend that occurred on November 10. The chart shows that on November 29, the asset price bounced off the trend line, therefore, a reversal in the market is not expected. A positive scenario is possible if the bulls break the trend line and the asset price exceeds $ 240.
If we draw an analogy between the bearish trends in 2018 and 2021, then we can assume that the signal of the upcoming dump will be the breaking of the 61.8% Fibonacci level, which is located in the $ 215 region. If the bears hit this barrier and consolidate below the barrier, then the XMR price will go down. The rapid fall in XMR rate will begin immediately after the rebound from $ 215. In this case, the cryptocurrency should fall in price to $ 132 (78.6% Fib) within a month.
The width of the contracting triangle, which began to form at the end of July, indicates a high likelihood of a decline in the value of Monero to $ 78. The bottom should be reached one year after the end of the bull run, that is, the price of the coin will drop to $ 78 by May 2022. The asset price should bounce from this mark by 237% – to $ 265.