Monero (XMRUSD) price resumed its decline in its latest intraday trading after managing to recover part of its previous losses and relieve its oversold condition on the Stochastic indicators, only to once again succumb to the surrounding negative pressures. The foremost of these pressures is its continued trading below its 50-day SMA, which acts as a dynamic resistance limiting the chances of a full recovery in the near term, especially with the dominance of a short-term corrective bearish trend and the price moving alongside a trend line supporting this path.

Therefore we expect the digital currency price to decline in its upcoming intraday trading, as long as it remains below the $375.00 resistance level, targeting the key support level at $344.00.

Todays price forecast: Bearish.