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Monero Price Analysis: strong support at $224

  • Market is highly volatile
  • Strongest support at $224
  • Srongest resistance at $289

From the Monero Price Analysis, we have deduced that on 21 November 2021, the price of the assets was at an all-time high of $253. Still, on 22 November 2021, it declined significantly and kept dropping until 23 November 2021, where it seems to have regained some escalation. Due to the exponentially colossal volatility, the market has become somewhat unpredictable.

Monero Price Analysis 4-hour chart: increasing volatility

The Monero Price analysis chart shows the volatility of the market to be increasing slowly. This implies that the market prices are prone to change. The moving average curve is crossing over the XMR/USD price, so the trend in the market is bullish. The market is volatile, and its trend is bullish; this indicates that the price is likely to escalate.

XMR/USD 4-hour price analysis chart source: Trading view

The Monero Price analysis chart shows us that the upper limit of Bollinger’s band is $254, also known as the resistance; the lower limit of the Bollinger’s band is $224, also known as the support. The Relative Strength Index (RSI) is at 39, implying that the investments are slightly undervalued. Since the market is volatile and is observing a bullish trend, the value of assets will likely increase in the near future.

XMR/USD 1-day price analysis: market is extremely volatile

The Monero Price Analysis shows us that the market is highly volatile and is prone to exponential variations on either extreme. The moving average curve is above the XMR/USD price, so the trend is observed in the market is bullish. The market is bullish and volatile and implies that the price is likely to go up. Still, due to the colossal volatility in the market, the variations occurring will be very unpredictable.

XMR/USD 1-day price analysis chart source: Trading view

According to the Monero Price analysis chart, the upper limit of the Bollinger’s band is at $289, which is the resistance, and the lower limit of the Bollinger’s band is at $222, which is the support. The Relative Strength Index (RSI) is at 38, which indicates that the assets are slightly towards the undervalued section, but seeing as the market is volatile. The trend is observed in it is bullish; the price could escalate, but due to the unpredictability of the market, we cant accurately figure out if the price will skyrocket or plummet entirely.

Monero Price Analysis: conclusion

The Monero Price Analysis concludes that we have observed that the current behavior of the cryptocurrency is following a relatively bullish trend. The chart analysis shows that with the steady bullish momentum, it is predicted that Monero will soon enter the $240 mark range, but if the current support fluctuates, we may see a decline in the prices as far as $220.

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 November 23, 2021 2:55 pm

Andrew

Andrew is a journalist and cryptocurrency enthusiast who writes for the love of blockchain and cryptocurrency. He possesses vast knowledge of cryptocurrency, blockchain and other fintech and tech-related areas he has been covering for a long time.

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