- The most recent Monero price analysis update is bearish.
- Price has devalued up to $306 today.
- Support levels standing strong at $296.05.
The Monero price analysis is showing a decline in price today as the price levels have suddenly stooped down to $306. There have been ongoing variations in the cryptocurrency trends from the past few hours, which have resulted in bears taking over once again.
The bearish momentum has been strong enough to overcome the bullish pressure and has brought down the cryptocurrency value once again.
XMR/USD 1-day price chart: Bullish advancement takes Monero price above $305
The 1-day XMR/USD price analysis is showing a slight increase in price happening since the past few days. The XMR value has increased up to $306, which is significant progress as compared to the past week.
The moving average (MA) value is also standing below the current price i.e. $299, which is also a bullish indication. The volatility is increasing gradually, which should be taken as a negative hint for the upcoming days.
Moreover, the Bollinger bands’ values have also improved in the last hours, as the upper band has reached the $330 level and the lower band has reached $254. The Relative Strength Index (RSI) score is also balancing out and is more inclined towards the bullish side as it has increased up to 59 today.
Monero 4-hour price analysis: Bulls losing grounds to downtrend
The 4-hours Monero price analysis is showing a decline in price, as the coin value has unexpectedly lowered to $306. Meanwhile, as the volatility is decreasing, we can also predict that positive news could be expected in the future.
The Bollinger bands average is resting at $304 whereas the moving average value is present at $305.84 in the 4-hours price chart. As the SMA 50 curve is almost above SMA 20, a further drop in price can be foreseen.
The Bollinger bands are displaying the following values; the upper Bollinger band is present at $312 while its lower band is present at $296.05. If we talk about the RSI score, then it is facing a significant decline as well as it has decreased to 55.22.
As the general trend observed during the day has been largely bullish, so is the XMR/USD technical indicators chart predicting similar results. There are more chances for the buyers to gain success, as 14 indicators are at the buying point, nine at the neutral point, and only three indicators at the selling point.
The Moving Averages indicators are also predicting a bullish trend today, as there are 13 indicators that are present at the buying spot, and one indicator each is found at both the selling and neutral spots.
As the competition has been equally overpowering from both the buyers and the sellers, the Oscillators are going neutral for the day. There are eight indicators at the neutral position, two at the selling position while only one remains at the buying position according to Monero price analysis.
Monero price analysis conclusion
The given 1-day and 4-hours Monero price analysis has detected bearish activity according to the most recent progress recorded from the price charts. The price value has further downgraded to $306, but still above the support level.
This is a high time for the intraday traders to make up for their losses as the selling ratio is increasing every hour as per Monero price analysis. But if the support remains firm at $296.05, a reversal in trends can be expected as well.
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