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Monero price analysis: XMR price takes a downturn to $266 as bears strike back

TL;DR Breakdown

  • The price has decreased up to $265.95.
  • Monero price analysis gives lead to bears.
  • Cryptocurrency is being supported at $251.

The Monero price analysis shows the cryptocurrency has been devalued to $266 limit as the bearish momentum has undergone a revival. Red candlestick is marking the loss in price as the downward trend has been restored. The bulls tried to take over the market earlier as the price went through significant improvement. Yet today, the bears have been able to take their position back after causing a decline in XMR/USD price.

XMR/USD 1-day price chart: Reversal in trends takes down price to $265.9 level

The four-hour Monero price analysis shows that the bears have returned to the price chart as the price underwent a considerable decline during the day. The price has moved down to $265.95 position as the bears were able to make a strong comeback in the last 24 hours. Overall, the past week proved quite favorable for the bears as a constant downtrend was observed. The price is still below the moving average (MA) value which is standing at $272.23 for the day.

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

Although a crossover between SMA 20 and SMA 50 was recorded earlier, the last 24 hours remained unprofitable for the market. The one-day price chart is also showing the Bollinger bands Indicator’s values; the upper one is $288.04 and the lower one is $250.75. The Relative Strength Index (RSI) score is at the average position of 49.14.

Monero price analysis: Cryptocurrency shows downward tendency as price reduces to $266

The four hours Monero price analysis confirms a downward trend as the bears have been maintaining their lead quite proficiently. The price has been undergoing constant reduction for the past few hours, as the bearish momentum has been on the rise. The price has gone down to the $266 level in the last four hours because of bearish pressure. The moving average value in the four hours price chart is $265.86.

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

The SMA 50 curve is still traveling above the SMA 20 curve which is a further indication of a downtrend. Whereas the upper Bollinger band has reached the $289.09 position while the lower Bollinger band is touching the $250.3 position. The RSI score is hovering in the neutral zone and is present at a 45.2 level.

XMR/USD technical indicators chart. Source: TradingView

The technical indicators chart for XMR/USD is giving out a neutral hint because of the constant shift in trends since the past few months. There are nine indicators present on both of the selling and neutral points, while eight indicators are on the buying point.

The moving averages indicator is displaying favorable results for the sellers today. That is because there are eight indicators on the selling position, six indicators on the buying position, and only one oscillator on the neutral position. The Oscillators are also giving a neutral signal for the day. We can see eight oscillators standing in the neutral position, two oscillators on the buying position, and one oscillator on the selling position.

Monero price analysis conclusion

The price has been following a decreasing trend since the past week as the bears have been on the lead. Although a rise in price was recorded earlier, today’s trend has again been in the favor of the bears. The cryptocurrency value has been reduced to $265.95, and it is expected that it will hit another low in the coming hours as well.

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 29, 2021 4:31 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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