- The Monero price analysis shows price hits an excruciating low below $251.
- Major decline in price can be expected in future.
- New support to be established as $277 is crossed.
The Monero price analysis is indicating that a strong bearish activity has been taking place for the past few hours. The bearish wave has been overwhelming for the market, as the price has gone below the $251 level today. The chances for recovery are low, as the bearish momentum seems to be intensifying each hour. More and more buyers are backing off and contributing to the downfall of XMR/USD price value.
XMR/USD 1-day price chart: Cryptocurrency faces a huge blow as the bears takeover the market
The 1-day XMR/USD is going bearish as the price has dropped down suddenly to the $246 level. This has cast negative effects on the overall XMR/USD value, as the moving average is also standing far above the current price i.e. at 295.31.
Moreover, the volatility is also increasing which is a negative sign related to the upcoming trends. The past week has been considerably favorable towards the bulls, yet today the bears have secured their place on the price charts.
As the volatility is towards the increasing side, the upper Bollinger band has reached the $333 level while the lower Bollinger band has moved down to $246. Monero price analysis states that the Relative Strength Index graph is also showing a bearish curve, as the score has decreased up to 38 today very near to the undersold limit.
Monero price analysis: XMR stuck in a free fall, price lowered to $251
The 4-hours Monero price analysis is showing that the bears have once again established their reign over the price charts. The bearish momentum has caused the price levels to go down to $251 but such astonishing free fall may not prevail for long as the price has reduced drastically below the lower Bollinger band.
The moving average value in the 4-hours price chart is set at $303, which is relatively at a stable position if compared to the current price. The short-term trending line is also going in the descending direction.
The increase in volatility has resulted in the following Bollinger bands values; the upper Bollinger band is found to be at $332.24 while the lower Bollinger band is at $277.51. The RSI score has also gone through massive reduction to reach i.e. 21, which is below the undersold mark as well,.
The following XMR/USD technical indicators chart is also confirming that the bears have caused significant damage to the overall coin value. The summary is as such that the selling position is holding 15 indicators, with nine indicators at neutral and two indicators present at the buying positions.
The Moving Averages indicator is also giving a strong selling signal, as there are 12 indicators at the selling spot, with one at neutral and two at the buying spot.
As the day has been favorable towards the bears, the Oscillators are also giving encouraging signals for the sellers. There are eight oscillators standing at the neutral position, three at the selling and none at the buying position.
Monero price analysis conclusion
The given 1-day and 4-hours Monero price analysis is indicating the cryptocurrency have gone through a considerable loss during the last couple of hours. The loss has been huge as the price levels have dropped down to $251, even below the support levels.
Furthermore, there is an imminent possibility of the XMR to rise back as there seems to be enough vacant space for the investors.
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