- Monero price analysis shows XMR is facing a decline today.
- Price levels have lowered to the $255 value.
- Further drop may cause price to go below $248.5 support.
The Monero price analysis is indicating that the price is rising but on a slow node, today as XMR bulls struggle. The price levels have been receding again during the current hours, and today the price has decreased even further to $255.
Although the bulls tried to take the price up again in the last hour, they have not been able to overcome the bearish momentum. There is a chance for the bulls to take the price up if they get enough support.
XMR/USD 1-day price chart: Bulls initiate their struggle for a high price after major defeat
The 1-day Monero price analysis is showing a slight increase in the price as the bulls are fighting back for the lead. The past week has been hectic for the cryptocurrency as there has been a continuous drop in the price.
The drop had been too overwhelming to overcome for the bulls, yet today they have been successful enough to take the price to $255.2. As the past week has seen the bears at the lead, the moving average (MA) is still at a higher position i.e. $281.
The volatility is gradually increasing which is a negative sign for XMR/USD. Moreover, the Bollinger bands have reached the following values; the upper value is at the $336.4 mark while the lower value is at $247.33. The Relative Strength Index (RSI) score is increasing as well and it is currently present at 41.3.
Monero price analysis: Cryptocurrency experiences yet another fall below $255.2
The 4-hours Monero price analysis is showing some bearish activity, as the price has decreased up to $255 today. This recent development could be reversed during the coming hours. The past few hours have seen some resistance from the bulls. The moving average is still at a higher place i.e. at $255.50 while the Bollinger bands average is placed at $259.2.
The volatility has decreased which is why the upper Bollinger band value is at $269.82 and the lower Bollinger band value is at $248.5 right now. Meanwhile, the RSI score has also decreased because of the bearish pressure and has moved down to 41.
Despite the bullish gains of today, the XMR/USD technical indicators chart is still showing bearish signs. The selling signal is prominent because there are 13 indicators at the selling position, whereas seven are at the neutral and six indicators at the buying positions.
The past week has been highly unfavorable for cryptocurrency, as the moving averages indicator is also indicating a bearish signal. There are 11 indicators present at the selling point, with three at buying and one at the neutral points. As there has been strong competition between the buyers and the sellers, there are six Oscillators at the neutral level, three at the buying level which leaves only two Oscillators at the selling level.
Monero price analysis conclusion
The given 1-day and 4-hours Monero price analysis is giving a bearish hint for the day as the bears have taken the price levels down to $255.2 once again. There have been instances during the day where the bulls have tried to make an impact and tried their best to take the price higher.
Nonetheless, the bears are pursuing their journey towards the $248.5 support again as they have regained some momentum but the price movement can take a bullish turn any time as some important technical indicators are moving in the favor of XMR.
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