Monero price analysis: New challenges await the bulls as XMR touches $230

Monero price analysis New challenges await the bears beyond

TL;DR Breakdown

  • The Monero price analysis shows downtrend is going strong today.
  • Price has decreased up to $230.
  • Support is still at the $225 level.

The Monero price analysis is giving an edge to the bears, as the price faced significant loss today. Monero’s price value is now at $230, after undergoing a massive decline in the past four hours.

The short-term trending line is now fully supporting the bears, as they have been maintaining their upper position quite impressively. The price is at a short distance from the current support level i.e. $230 and is expected to cross it down soon.

XMR/USD 1-day price chart: Monero on the low again after recent drop

The following one-day Monero price analysis report is showing signs of bearish activity, as the price has lowered to $230.34 today. The past few weeks underwent decent recovery, as there are more green candlesticks covering that area.

Today, the buyers had to observe disappointing results because of the decline in price. As the past few weeks have been supportive of Monero’s price as well, the moving average (MA) is secured at the $260.08 position.

Monero price analysis: New challenges await the bulls as XMR touches $230 1
XMR/USD 1-day price chart. Source: TradingView

The volatility has decreased slightly, as the upper Bollinger band is now at $322.1 and the lower one is present at $234.42. Meanwhile, The Relative Strength Index (RSI) score is following a downward movement as well as it has decreased to 43.51.

Monero price analysis: Bears to stimulate price movement below $230

The bears have secured their win in the 4-hours price chart as well, because of the immense market pressure, as the price has moved down to $230 in the past few hours.

The moving average is far above the current price i.e. at $265.04 because the past few weeks have observed signs of bullish recovery as well. Nonetheless, the cryptocurrency has witnessed a sharp drop in price today as there has been a crossover between the SMA 20 and SMA curve earlier as well.

Monero price analysis: New challenges await the bulls as XMR touches $230 2
XMR/USD 4-hours price chart. Source: TradingView

The volatility is decreasing, and the Bollinger band indicator is displaying the following figures; the upper value is present at $274 and the lower value is present at $230. As the bears are winning at present, the RSI score has also decreased to 44 which comes in the average range, but if RSI moved below the undersold limit the bearish plunge will be more sever.

Monero price analysis: New challenges await the bulls as XMR touches $230 3
XMR/USD technical indicators chart. Source: TradingView

There has been overwhelming pressure exerted from the sellers today which is why there is a strong bearish signal on display. There are 13 indicators sitting at the selling position, with only three at the buying position and 10 indicators at the neutral one.

The moving averages indicators seem to be indicating the same, as it is giving out a strong bearish signal at the time of writing. The figures are as follows; 12 indicators are under the selling level, with two indicators left at the buying and one at neutral spots.

As the past weeks have provided fair chances of improvement for the bulls as well, the Oscillators are mostly neutral. There are nine oscillators fixed at the neutral position, while one indicator each is sitting at the selling and buying levels, respectively.

Monero price analysis conclusion

As per the following one-day and four hours Monero price analysis, the situation is getting more and more out of hand for the bulls. The bears are determined to take prices below $230 in the near future. The price is soon to go below the support level at $230, as the bears are rushing to the market to curtail their losses. This might come as a huge blow for the buyers who purchased XMR on 16th September.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

Related News

Hot Stories

Bitcoin, Ethereum, Arweave, and Gnosis Daily Price Analyses – 22 August Roundup
Avalanche price analysis: AVAX/USD gearing up to test $16.5 support again as bullish momentum fade
Enjin Coin Price Prediction 2022-2031: Can ENJ Price reach $100?
Best crypto memes of the day - September 22nd
Best crypto threads of the day - September 22nd

Follow Us

Industry News

Best crypto memes of the day - September 22nd
Opera browser now offers this integration to users
Funko X Warner Brothers. Could this be the best NFT partnership in the crypto space?
Is FTX gearing up for more acquisitions?
Celsius new recovery  plan leaked