- On the 24-hour time frame, the daily Monero price analysis indicates bearish sentiments.
- The daily range is from $214 to $226 daily.
- On the 1-hour chart, our MACD histogram displays short red bars.
The 24-hour chart shows that the bears have taken control of the market following the bulls’ failure to maintain prices above $260. As a result, the price dropped from around $261 to approximately $214.
Our outlook for Monero is negative, and we expect it to weaken further. We anticipate the decline to continue throughout the day, with a first bear target of $210 set. This is in case the buyers don’t consolidate enough power to withstand any future upside rejections.
In the overall market, cryptocurrencies are trading bearishly, with BTC losing 4.15 percent in value. Ethereum, on the other hand, has dropped by more than 6% on the 24-hour dial, while Cardano decreased 7.49 percent to take the lead as the worst performer.
Monero price analysis in the last 24 hours: XMR/USD struggles to beat $230 resistance
The XMR/USD pair was confined to a limited daily range, which crossed an intraday low of $214 and an intraday high of $226. The range implies decreased volatility. The daily trading volume also increased by 37 percent to $221 million, according to our daily Monero price analysis.
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 XMR/USD pair attempted to break a minor barrier at $226 this morning. The currency has been moving down in a continuous bullish momentum for the last 2 hours after the bull s dragged it from $220 to the press time price of $226. Bulls are prepared to defend the $220 major support from additional drops below it.
We have a bearish crossover on the MACD histogram, with short red bars on the 1-hour chart and merely a shift in color from short green bars. The majority of the bars are red, suggesting that the market is leaning toward 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 around the $250 mark.
Assuming that the price of XMR falls below $280, we should see it break even. Between $280 and $290 is where the break-even sellers are located. When our Relative strength index turns positive, buyers may swarm in at $275 to form a premium rally.
XMR/USD is close to the middle Bollinger band, pointing upwards in price action. A breakout beyond $285 could lead to a strong rally in the coming hours, with prices possibly breaching the upper Bollinger band.
Monero Price Analysis: Conclusion
In the next 24 hours, the price of Monero could drop significantly into the $245 range, putting it in a danger zone. As a result, our Monero analysis is bearish, and we should expect to see further declines in the coming days. XMR’s technicals appear to be somewhat shaky; moreover, demand for market support from the
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