Monero (XMR) price has extended its pullback from a 4.5-year high, reaching $439.00 early Tuesday morning in New York during a three-day losing streak. In doing so, the privacy coin pokes the multi-month support-turned-resistance, a break of which fuels XMR to the highest since May 2021.
Notably, XMR bucks the broad cryptocurrency trend, as it jumped 15% last week and looks set for around 125% yearly gains, despite the latest pullback.
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The Monero price pullback traces a retreat in the stochastic momentum indicator from the overbought territory of above 80.00.
Still, a pullback in the trading volume and market capitalization (market cap) could join the year-end consolidation to test the XMR bears.
Monero’s daily trading volume drops to a nine-day low of $158.67 million, while the market cap extends a pullback from a multi-year high to $8.12 billion at the latest, according to Santiment.
Can XMR bears offer a daily closing beneath $440.00 support and retake control? Let’s find out!
Monero Price: Daily Chart Teases Sellers
The Monero price rejects the previous weekly breakout of the upper Bollinger Band (BB) while reversing from the highest level since May 2021. The altcoin’s weakness also takes clues from a retreat in the stochastic from the overbought territory of the past 80.00.
With this, XMR is likely to slip beneath the $440.00 support, but the middle BB might challenge the sellers around $416.00. If not, then a convergence of the 50-day Exponential Moving Average (EMA) and a month-old ascending trendline, close to $398.00, will be in the spotlight.
If the Monero price continues to decline beyond $398.00, the bears may target the lower Bollinger Band and an upward-sloping trendline support from mid-August, located near $358.00 and $346.00, respectively.
Above all, XMR buyers can remain hopeful as long as the privacy coin stays beyond the 200-day EMA support of $334.00.
On the contrary, November’s high of $471.00 and the upper BB surrounding $474.00 may restrict the short-term recovery of the Monero price.
Beyond that, the latest multi-year high of $498.66 and the $500.00 could act as the last line of defense for the bears before the year 2021 peak of $518.00.
Monero Price: Four-Hour Chart Suggests Consolidation
On the four-hour chart, the Monero price portrays a six-week-old rising wedge bearish chart formation, currently between $482.00 and $403.00, poking the $440.00 support at the latest.
Notably, the stochastic momentum indicator rebounds from the oversold territory and highlights difficulty for the XMR bears in breaking the $440.00 support.
Apart from the $440.00 mark, the 200-bar EMA level of $410.00 also acts as an additional downside filter.
Observers should note that a downside break of $403.00, confirmed by the $400.00 breakdown, could potentially lead the Monero price southward towards $240.00, the theoretical target of the “Rising Wedge” bearish chart pattern.
Meanwhile, an upside clearance of $482.00 will defy the bearish chart formation and can direct the XMR buyers toward the daily chart’s higher levels.
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