- Bearish momentum has taken the lead according to today’s Monero price analysis.
- Resistance levels have suddenly dropped down to $260 for Monero.
- Support level rises to the new high at 252.88.
The previous week observed bearish momentum taking over the stock market for XMR/USD. Red candlesticks appeared on the chart, with certain traces of the bullish upheaval as well. Today, the price levels dropped down to $253.44, and the momentum has been too overwhelming for the buyers. The bulls have continued to reach new benchmarks, yet today’s trends have been in the favor of bears trying to go below $253.
Monero price analysis: XMR gives way to the bulls after bearish encounters
The one-day Monero price analysis is dictating a slight rise in Monero’s demand after the market faces a bullish uprise at $259.44. The small green candlestick is indicating a minor rise in the value as the trend lines suddenly move upwards.
The volatility as observed is at stake, which is not a promising signal for the buyers in the future. The moving average (MA) is $268.55 whereas the average Bollinger’s value is $256.22, in the one-day XMR/USD chart.
The Bollinger bands are narrowing down, hence the volatility may shrink as well. The upper band has lowered to $286.41 whereas the lower band has reached the value of $226.03. The Relative Strength Index (RSI) graph is showing a downward line with a value going down to 61.16.
4-hours XMR/USD analysis: Price crashed to $253.9 after slight uplift
The 4 hours candlestick chart displaying Monero price analysis reveals a major setback today. The past few hours have been crucial for cryptocurrency, as the price levels kept on falling until they reached the price of $253.44.
The bearish momentum has been huge, considering that the moving average (MA) during the past week has been $274.2. The trend line is following a descending motion, with the upper Bollinger band being at $280.15 and the lower band being at $262.88.
The RSI has gone through a considerable amount of decline as well until it stopped at 48.69. The average value of the Bollinger bands can be determined from the above chart which is $271.5.
The clashes between the bulls and the bears have been competitive, and as a consequence, the price has continued to vary between the upper and lower extremes. Right now, the technical indicators are showing a buying momentum, which has been the case today. There are 26 indicators collectively, and fourteen indicators stand as buyers, ten as neutral and the remaining two are sellers.
The moving average is showing us an extraordinary reaction from the buyers’ side, which has been encouraging, with thirteen indicators on the buying side, one on the neutral, and the remainder on the selling side.
The market is at a neutral stance as seen from the oscillators, with the meter showing a neutral indication. There are nine indicators resting at a neutral place, one at the buying place whereas the remaining oscillators are at the selling place.
Monero price analysis conclusion
Monero price analysis reveals that today’s market price has received a major shock after it lowered to $253.44. If the current trend continues in the near future, there is a high probability that the support will go even lower than $262.88.
If the bulls establish their reign, the price chart may see a new high level even above the current high at $280.15. The moving average may also change from $274 as leave its position on which it has been stuck for the past week.
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