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Monero price analysis: Bears push XMR to $271.43

Monero price analysis bears strike taking the price levels to

TL;DR Breakdown

  • Monero price analysis shows bearish momentum interrupted bullish trend.
  • Monero price analysis shows a resistance level of $279.43.
  • Support may go lower than $261.21, if bears continue to rule.

The latest Monero price analysis is showing us a bearish momentum, with the price levels dropping to a level of $271. The weekly ratio has proved to be supportive for the market, however, the latest analysis indicates the opposite. Red candlesticks are present in today’s price chart, and the coin value is yet to cross the $278.8 level.

Monero price analysis: price movement in 4-hours chart predicts further drop in price

Today’s Monero price analysis has shown a different trend against the continuing bullish momentum. The price levels have surprisingly faced a decline and dominated the charts by taking the price down to $271.43. The volatility is seemingly increasing, hinting at the progress of bears in the market in the future. The Moving Average (MA) has reached the value of $272.22, while the average of Bollinger bands is currently $270.94.

Monero price analysis: Bears push XMR to $271.43 1
XMR/USD 4-hours price chart. Source: Trading view

Furthermore, the upper strip of the Bollinger bands is touching $280.67 whereas its lower strip is at $261.21. The Relative Strength Index (RSI) levels are almost hitting 70 because the majority of candlesticks appearing during the day have been green. Still, the score is set at 61.4 which is a considerably high value.

Monero price movement in the last 24 hours: analysis confirms a phenomenal climb to $278.8

The one-day XMR/USD candlestick chart is informing us about the notable improvement in coin value. The resistance levels have reached $278.78, while the past week has also seen SMA 20 cross SMA 50, also a bullish indication. The Bollinger band average is displaying the $287.13 value and Moving Average (MA) is displaying $268.35 of value.

Monero price analysis: Bears push XMR to $271.43 2
XMR/USD 1-day price chart. Source: Trading view

The Bollinger bands are showing decreasing volatility, with the upper band being at $287.13 and the lower one at $222.90. The RSI score is going towards the buyers side with a gradual increase in its value up to 65.64.

Monero price analysis: Bears push XMR to $271.43 3
XMR/USD technical indicators chart. Source: Trading view

The overall market sentiments are towards the bullish side, with the meter slightly inclining towards the buying side. The summary shows us that from the total 26 indicators, one is at selling position, ten at the neutral position while 15 are at the buying one.

The Moving Averages are telling us that strong pressure from the buyers’ side is experienced by cryptocurrency. 14 indicators are present at the buying mark whereas one at the neutral mark, leaving none as a seller. The oscillators are showing a neutral value, with nine indicators being neutral, the remaining two existing as the buying and selling indicators.

Conclusion

The general trends seen in today’s cryptocurrency market have been bearish, though the past week was ruled by the bulls. There is a high chance that the price will go above $278.8 if the bulls continue to strike as seen from the one-day and 4-hours XMR/USD price charts. The support level i.e. $222.90 will take the coin value higher if it is retained by cryptocurrency.

On the whole, we can expect more buyers who will buy Monero coin assets as the RSI score is also going favorable. The short-term trend line as seen from the 1-day chart is also going upwards, which is approving the bullish superiority.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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