Monero surged to a new all-time high last week, attracting the attention of traders. The milestone came on Wednesday when it surged to $799.
The asset started the day at $679 but added more than $100 in hours. In response, investors took profit, causing prices to plummet. It ended the day with gains of more than 4% amid the selloff. However, Wednesday marked the end of its 5-day uptrend, during which the coin gained 57%.
The asset has since been on a decline, shedding almost 20% between Thursday and Sunday. It had another 9% hike the next day but resumed its downtrend on Tuesday. This time, the asset had its biggest decline in months.
XMR opened the day at $623 and retraced to a low of $495. Although it rebounded, it ended the day down by more than 19%.
The 1-day chart shows the privacy coin slipped even lower on Wednesday, hitting a low of $478. Its latest decline increases concerns about when the downtrend will end.
Monero Eyes Further Decline
Monero is $496, suggesting that buyback is increasing. However, there are several indications that the downtrend is far from over. One such is previous price movement, which shows that the coin is trading some dollars above a critical level.
Based on the 1-day chart, the next level with notable demand concentration is $410. It has held out against several attempts since Dec 12, suggesting that it may plummet until it retests the support. It would mean the asset will shed another 16% before a full-fledged rebound.
Aside from previous price movements, the relative strength index is another telling sign that the downtrend is far from over. A closer look at the indicator reveals a trend that started in August. The metric has rebounded after dropping to 42. The latest test of the key level happened on Dec 7, with the same outcome.
Given the RSI trend, XMR will plummet further in the coming days. Additionally, the asset recently dropped below bollinger’s middle band. It is worth noting that it trended close to the upper band and broke out last week. The ensuing downtrend is in reaction to the breakout.
Based on previous performance after breaking out of the bollinger bands, the asset may be gearing up to test the lower band. If that happens, the asset is sure to retrace below $400.
In summary, previous price movements and indicators hint at further declines ahead: the bottom is yet in. Monero could slip below $400 before recovering.
HYPE Shed Over 11%
Hyperliquid experienced another wave of selling pressure on Tuesday, shedding over 11%. It continues the Monday downtrend, which saw it lose over 3%.
However, like Monero, the downtrend may be far from over as some indicators flipped bearish. One such is the moving average convergence divergence, which displayed a negative crossover at the start of the week.
Additionally, previous price movements indicate that the asset will slip lower in the coming day. HYPE recently saw slight price increases a few hours ago, but the upward momentum has waned. It has resumed its downtrend, plummeting below the previous day’s low.
The 1-day chart indicates that the next level to expect a strong rebound is $19.5. It means that HYPE may see an additional 5% decline before calling its bottom.
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