- Monero price analysis shows Bear providing strong resistance at the $317.89 mark.
- Strong drop in price from $317 to $309.96
- Chances still exist for a bullish move in XMR/USD pair.
Monero price analysis shows a Bearish trend setting up after a continuous bullish momentum for the past few days when the price went to a new high for the month of August. Bulls were in the lead from 19th August 2021 onwards, taking the price to a new high for this month, i.e., $318.89. But from yesterday, bears are fighting back and have shown a remarkable resistance in the last few hours, pulling the price back to $309.31 at the time of writing.
Currently, the daily support is present at $252.24. The bullish effort has been considerable, and Bollinger bands also indicate an increase in volatility. The price may rise back despite all this, as buyers seem to be still confident enough to invest in the asset.
XMR/USD 1-Day price chart: Bears pulling the price below $309
In the 1-day chart, the Monero price analysis shows price going down for the cryptocurrency due to continuous bearish pressure from the last few hours. Still, as is seen in charts, volatility is also increasing by a significant margin, indicating uncertainty and may favor bears further. Though bulls provided some competition, bears are wining the lead as of now.
The Bollinger bands indicate a volatile situation as the higher end of the band stands at the $309.92 mark while the lower end stands at the $236.99 mark. The relative strength index (RSI) score is 68.61, which is already near the overbought figures.
Monero price analysis: Bearish Trend prevailing amid limiting volatility
The 4-hour price chart shows that bears are providing tremendous resistance to the surging price due to the previous bullish momentum by decreasing the price to $309.31, respectively.
The volatility is still there but seems to be on a limiting trend again at this time, as can be seen in the 4-hour chart, which may also provide some cushion to the bulls in the near future. The Moving Average (MA) has been $318.88 above the current price, while the Bollinger bands average is $305.22.
The Bollinger bands’ values are as follows; the upper Bollinger band is touching the $338.56 mark whereas the lower band is at the $271.88 mark. The RSI score is also receding towards a neutral range, and the figure is 56.48 as per Monero price analysis.
The overall trend for today has been bearish, but still, traders seem to favor buying, as can be seen in XMR/USD technical indicators chart as well. The past few days have seen a bullish momentum, while bears are trying to break the rate from the past few hours.
Out of the total 26 indicators available to us collectively, 14 are at buy point, and only four are at selling point, while the other eight are neutral.
Moving averages are firmly on the bullish side and show 13 indicators at buying position, one at selling point, and one in neutral. Talking of oscillators, three are giving a sell signal, and one is at buying position while seven indicators stand neutral, which indicates an intense contest between bulls and bears currently.
Monero price analysis conclusion: Bears hold XMR hostage
From the above Monero price analysis, we can say that sellers dominated the market, proved by the incredible bearish momentum dictating the price movement. The increased volatility also seems to favor bears, but XMR/USD may continue enjoying bullish momentum if the increased support of $281.08 proves to be strong enough.
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