Monero (XMR) shows weakness trades in the red on Wednesday after losing over 6% the previous day.
Monero ’s price fell by more than 10% following Kraken ’s announcement that it is delisting XMR trading in Europe. Monero ’s price broke below its key support level at $152.83 on Tuesday, signaling the continuation of the bearish trend. XMR’s long-to-short ratio supports the bearish outlook, but a close above $156.48 would increase the chances of recovery. Monero shows weakness trades in the red on Wednesday after losing over 6% the previous day.
Monero price action shows weakness Monero price broke below the descending trendline on September 24 and declined 14.5% in one week. On Tuesday, it also closed below its 61.8% Fibonacci retracement level at $152.83 . At the time of writing on Wednesday, it continues trading down around $144.96. If the 61.8% Fibonacci retracement level at $152.83 holds as resistance, it could continue its decline to retest the August 5 low of $135.98.
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