- On the 24-hour time frame, the daily Monero price analysis is indicating bearish sentiments.
- The daily range is from $250 to $261 on a daily basis.
- On the 1-hour chart, our MACD histogram is displaying short red bars.
The daily Monero price analysis is indicating bearish sentiments on the 24-hour chart following the bulls’ failure to keep prices above the $260 support. As a result, the price fell from around $261 to around $250.
We expect the decline to continue throughout the day, with a first bear target of $278 set for when buyers may consolidate enough strength to withstand any future upside rejections.
Cryptocurrencies in the overall market are trading bearishly whereby BTC lost 4.15 percent. Ethereum on the other hand declined by more than 6 percent on the 24-hour clock, Cardano lost 7.49 percent to become the worst performer.
Monero price analysis in the last 24 hours: XMR/USD struggles to beat $316 resistance
The daily Monero price analysis indicates that the XMR/USD pair performed within a tight daily range cutting across an intraday low of $250 to an intraday high of $261. The range suggests dropping volatility. The coin also witnessed a 37% increase in daily trading volume to a total of $221 million.
Meanwhile, the last 24 hours have witnessed a 5.5 percent decrease in Monero’s total market capitalization to a sum of $4.589 billion.
XMR/USD 4-hour chart: Will XMR rally?
The daily Monero price analysis on our 4-hour candlesticks shows the XMR/USD pair attempting to breach a minor resistance at $255. The coin has faced a strong gradual downtrend in the last 2-hours after the bears pulled the price from $258 to the press time price of $254. Bulls are optimistic to defend the $250 main support from recording further declines below it.
Our MACD histogram is indicating short red bars on the 1-hour chart and has just shifted from green short bars. Most of the bars are red, indicating a market bias towards the bears.
There are chances that the bearish momentum will extend into the upcoming session as the bulls got pulled way below the $2809 by lots of points. We can hope for the technicals to prevent any downsides in the coming hours but the bearish momentum is still likely to hold the coin still around the $250 mark.
Break-even sellers are located between $280 – $290. At which point our Relative strength index is likely to turn positive. Buyers might swarm in at $275 and consolidate a premium rally if at all dip investors are going to consider a long-term price improvement for Monero.
The price action of XMR/USD has positioned itself close to the middle Bollinger band – and points upwards. A breakout beyond $285 could steer a solid rally and the price could breach the upper Bollinger band in the next few hours.
Monero Price Analysis: Conclusion
The privacy coin is trending within a danger zone and in the next 24-hours, the price of Monero could drop significantly into the $245 region. Therefore, our Monero price analysis is bearish and we should expect further lows in the upcoming hours. The technicals for XMR seem slightly weak and demand for support from the broader market to resume the general market rally.