TL; DR Breakdown
- This week has been a tough week for Monero as it has generally traded in bearish momentum.
- On the five-day Monero price analysis chart, the XMR/USD price ranged between $280 -$310.
- The price has risen past $300, following the daily support of $296.24.
Monero price analysis: General price overview
This week has been a tough week for Monero as it has generally traded in bearish momentum. However, at first this month, the coin started trading a bullish trend.
On the five-day Monero price analysis chart, the XMR/USD price ranged between $280 -$310. This shows that the coin is highly volatile.
The 50-day MA indicates a bullish signal. The 50 Moving Average has crossed over the 100 Moving average, signalings that the market is bearish. Monero is set to break its new high of $318 in a few days to come. Monero price analysis chart shows many indicators are in favor of the bulls.
The price has risen past $300, following the daily support of $296.24 as per Monero price analysis. The bulls will be able to surpass the all-time high if they continue to gain momentum. Following an impressive bull charge, Bollinger bands suggest rising volatility. Because buyers appear to be very confident in investing in the asset, it’s conceivable that the value may rise even higher.
The giant asset digital asset BTC is bleeding while its closest competitor, Ethereaum (ETH), price has risen by more than 2 percent. IOTA tops the list of gainers with a 30 percent gain; SOL comes second with more than 20 percent gains. Most of the altcoins have recorded losses. HEDGE has recorded the highest drop. XMR is trading in a bullish signal, gaining 0.62 percent.
XMR/USD price movement in last 24 hours: Monero accumulation phase?
Monero’s 24-hours price analysis chart began as the bulls and buyers were in a tough fight as the bull tried to cause a surge, and at the same time, the bears were trying to pull down the prices. As a result, the price traded in a moderate momentum before the sellers gathered more strength, causing the price to record a sharp decline to the lowest of the day, $293.4.
The actual average range (ATR) indicates the market has been volatile in the last 24 hours. This is not friendly to the day traders as it is very risky. In a higher volatile market, the chances of being liquidated are very high.
Monero four-hour price analysis chart: Bullish signal
At the time of writing, the market is controlled by buyers, which has resulted in XMR/USD trading at around $300. The Bollinger bands have expanded, and the XMR/USD price is heading for the upper band, which indicates that it is overbought.
The balance of Power indicator is slightly below 1, meaning that the bulls have more strength than the sellers; hence the bull dominance is set to continue into the weekend.
Monero price analysis: Conclusion
The Relative Strength Index is in the neutral zone with possibilities of maneuvering towards the overbought region, indicating that the bulls dominate the XMR/USD market. Monero’s next target is to surpass the new ATH of $318 in the weekend if the bears do not overturn the bullish momentum.
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