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Monero price analysis: XMR price recovers to $266 after gaining bullish support

TL;DR Breakdown

  • The price has been recovered up to $266.
  • Monero price analysis shows bullish trend.
  • Support is found at $250.66 level.

The latest Monero price analysis shows that the price has undergone revival once again after the green candlesticks reappeared on the candlestick chart. The price experienced a constant downfall in the prior week as a downtrend was at its peak. Nevertheless, the bullish momentum has been recovered today and the price has been able to rejoin its former level i.e. $266.8. The price might top its current position in the upcoming hours as well.

XMR/USD 1-day price chart: XMR finds recovery at $266 after bullish comeback

The one-day Monero price analysis is confirming an upturn in price as the bulls have been able to find their way to recovery. The XMR/USD value has been revived once again as the price can be spotted at $266.5 level. The bears had been leading the market in the previous week, but now the bullish momentum is resurging. The moving average indicator (MA) is showing its value at $266.5 in the one-day price chart.

XMR/USD 1-day price chart. Source: TradingView

A crossover between SMA 20 and SMA 50 resulted in the past few days, because of the upward trend. The upper Bollinger band is present at the $286.50 mark whereas the lower Bollinger band is present at $250.66 mark. The Relative Strength Index (RSI) indicator is declaring an increase in the score up to 51.56.

Monero price analysis: Uptrend enables price to take over $266.11 resistance

The four hours Monero price analysis confirms that a bullish trend has been following for the last four hours. The trending line is moving ascendingly as the price has been rising constantly for the past few hours. The price has been able to overcome the resistance present at $266 as well and is currently settling at $266.5. Moving on, the moving average value in the four hours price chart is standing at $260.4.

XMR/USD 4-hours price chart. Source: TradingView

The Bollinger bands indicator is dictating an average of $258.10. Whereas its upper value is resting at $266.11 position and the lower value is at 4250.09 position. The RSI score has improved up to 58.86 level as well because of the persistent flight of XMR/USD price.

XMR/USD technical indicators chart. Source: TradingView

The coin value of XMR/USD upgraded in value to a great extent during the past few months. The technical indicators chart is further confirming the bullish win with a buying signal. There are 13 indicators on the buying position, nine indicators on the neutral position while only four indicators are on the selling position.

The Oscillators are also dictating a significant rise in price with a strong bullish signal. There are 11 indicators that are currently present at the buying position, while three indicators are on the selling and one indicator is on the neutral position. The Oscillators are maintaining neutrality for the day, with eight oscillators at the neutral level, two at the buying level, and one oscillator at the selling level.

Monero price analysis: conclusion

The one-day and four hours Monero price analysis is showing signs of bullish recovery as the price heightened up to $266 in the last 24 hours. The price underwent a constant decline in the previous weeks, but now it is back on track after the bullish momentum was revived. The price will pursue further heights in the upcoming hours as well, which is quite encouraging news for the buyers.

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.

This post was last modified on October 21, 2021 5:05 pm

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.

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