TL; DR Breakdown
- Yesterday, XMR/USD was in a bullish trend.
- The general cryptocurrency market is bullish, as the heat map suggests.
- The daily Monero price analysis chart is trading in a bullish trend.
Monero price analysis: General price overview
Yesterday, XMR/USD was in a bullish trend. On the other hand, the coin experienced a powerful bear movement before closing yesterday’s Monero price analysis. When the daily price chart set in, this bearish pattern was reversed, pushing prices upward and forming head and shoulder trends to the intraday highs of $255, where it met stiff resistance from sellers that caused the price to drop somewhat.
The Monero price analysis indicates that the price is rising, albeit slowly, today as XMR bulls battle on a weak node. During the current hours, the prices have been retreating yet again, and now the price has fallen even further to $245.
The bulls are battling back for the lead as the price of Monero continues to rise, according to the 1-day Monero price analysis. The cryptocurrency market has been very active this past week, with prices continuously dropping.
The bulls fell apart after the price hit $285, which was much more significant than anticipated. They have been successful enough today to move the price to $255.2, having previously dropped it below $250. The moving average (MA) is still higher than during the previous week, which means that the bears are in front by a small margin: It stands at approximately $281.
The general cryptocurrency market is bullish, as the heat map suggests. The most prominent digital currency BTC has recorded a 0.43 percent increase, and the coin is trading slightly below $46K; At the same time, the second-largest digital asset is also bulish, it has also recorded more than 3 percent increment, and it is currently trading at $3.4K. Other altcoins are also bullish, with DOT being the hottest gainer of the day with more than a 10 percent price increase. Klaytn, like other altcoins, is trading positively with a 2 percent price increment, and it is currently trading at $1.4.
Four-price analysis chart: Bullish momentum
The green candlesticks have outnumbered the red ones on the four-hour price chart, suggesting that the market’s mood is good. XMR/USD appears to be in a head-and-shoulders pattern, which traders associate with a bullish trend.
The MACD line has crossed over the red signaling on the four-hour price analysis chart. The green candlesticks have outnumbered the red candlesticks meaning the coin is in an upward momentum that is not likely to be cut short until it reaches its target at $260.
Monero price analysis: Conclusion
The daily price analysis chart is trading in a bullish trend, meaning a high possibility of monero heating its dai target at $260. Day traders should buy the digital asset, hold it, and wait for the price to surge before midnight.
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