Monero Price Forecast: Privacy coin hits two-month low
XMR BEARS AIMING FOR $241 MARK
Monero price faced rejection from its previously broken ascending trendline (drawn by connecting multiple lows since mid-June) on July 25 and declined more than 12% in the next 13 days to reach the lowest level since May 7. On Thursday, it continues to trade below $284.
If XMR continues its downward trend and closes below its 200-day Exponential Moving Average (EMA) at $277.93, it could extend the correction to retest its daily support at $241.95.
However, if XMR recovers, it could extend the recovery toward its 100-day EMA at $305.46.