TL; DR Breakdown
- On the 24-hour time frame, the daily Monero price analysis indicates bulish sentiments.
- The daily range is from $229 to $242 daily.
- On the 1-hour chart, our MACD histogram displays short red bars.
The bulls picked off the five-day Monero price analysis chart while the bears took control of the market. The cryptocurrency traded in a rising wedge, with several triangles emerging. In the last week, XMR has gained 25 percent. On the 5-day price analysis chart, it appears that the green bars are more significant than the red ones.
On the 1-day chart, our share shows that the price is trading in a range.
The XMR/USD price closed with an upper wick in today’s Monero price analysis. Indicating potential bullish momentum heading into the weekend. The range for the last 24-hours is $229 to $241. This means that there are no significant sell walls at these price points.
The bulls have their tails between their legs with the losses today. In our most recent Monero price analysis, I made a number of predictions, one being that this upward momentum was going to run out of steam, and it has. Our MACD histogram is in the red, which isn’t surprising given that we have been trading in a downtrend.
The support is established below $200 at the 23.6 percent Fibonacci retracement level, with the swing high point at $260 and the low end at $167. The MACD histogram has pretty much bottomed out, which is why we see these small red bars. This means there could be a possible bullish swing coming soon, but let’s see what happens over the next 12 hours before jumping to conclusions.
Looking at our 20-period MA, this shows a weak market. The trend is heading downwards, which is not the most promising. The volumes are decreasing, indicating that perhaps traders are taking their profits when they can.
There doesn’t appear to be any significant sell walls in play now, so if we do see some positive momentum in MXR, it’s likely going to happen over the weekend.
XMR/USD 4-hour chart: Will XMR rally?
XMR/USD Source: Tradingview
The MACD histogram has a bearish crossover, with short red bars on the 1-hour chart and only a colour change from short green panels. The majority of the bars are red, suggesting that the market is favouring sellers.
There’s a chance the bearish momentum will continue into tomorrow’s session as the bulls were driven down to $240 by several points. We may anticipate technicals to prevent declines in the coming hours.
Monero Price Analysis: Conclusion
The weekly XMR price analysis shows that there is a greater force in the market than before. The gains are not significant, but it is enough to suggest that traders are optimistic about the future of cryptocurrency.
This week has been an interesting one. We have witnessed the bulls gaining control of the market after losing to bots in the previous weeks. The MACD histograms are crossing each other, which is good news for Monero specifically and cryptocurrencies in general.
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