Monero price analysis: XMR slips down to $284. Do bulls stand any chance?

Monero price analysis XMR slips down to Do bulls stand any chance

TL;DR Breakdown

  • Today’s Monero price analysis shows bearish momentum.
  • Strong support is found at $276.
  • Strong resistance is found at $291.

The Monero price analysis reveals a continuous second day of bearish momentum. The bears have successfully diverged the bullish uptrend of last week and pulled the price down from $289. The XMR/USD pair is floating at $284 at the time of writing.

The price levels are falling despite bullish efforts, and the support of the $286 has already collapsed and now turned into resistance. Next is the strong support of $276. The resistance is present at $291, far above the price level.

XMR/USD 1-day price chart: will Monero retest the support of $276

The 1-day Monero price analysis shows price levels are descending fast. The bearish momentum is on the go as bears are plunging the price further down. Though last week proved good for the cryptocurrency with a price uptrend, today bears dodged the bullish trend continuously for the second day and are degrading the price.

Monero price analysis: XMR slips down to $284. Do bulls stand any chance? 1
XMR/USD 1-day price chart. Source: TradingView

The moving average (MA) is below the price level at the $270 mark. The volatility is also increasing with the widening of Bollinger Bands, the upper band is at the $290 mark, and the lower band is at the $253 mark. The average of Bollinger bands is at the $271 mark below the price level. All these factors indicate a feasible situation for the coin despite the bearish trend. The relative strength index (RSI) is going down and is showing a score of 59, indicating negative market sentiment.

Monero price analysis: Recent developments and further technical indications

The hourly charts for Monero price analysis show no different scenarios. In fact, the price breakup was upwards today, but then bears took over during the last hours. As can be seen in the 4-hour price chart, the price levels have stooped below the MA value. Now the moving average (MA) is above the price level at the $288 level, indicating a bearish crossover.

Monero price analysis: XMR slips down to $284. Do bulls stand any chance? 2
XMR/USD 4-hour price chart. Source: TradingView

The volatility is on a high during the current hours as Bolling bands are expanding vastly, with the upper Bollinger band at the $298 mark and lower band at the $260 mark. The average of Bollinger bands is forming at the $279 mark, representing support for XMR. The RSI has come further down and is in a deep dive but still in the upper half of the neutral zone at index 57.

Monero price analysis: XMR slips down to $284. Do bulls stand any chance? 3
XMR/USD technical indicators chart. Source: TradingView

The technical indicators chart for Monero price analysis shows hopeful signs for traders, with most of the technical indicators indicating buy signals. Out of the total 26 technical indicators, two show sell signals, while nine show a neutral signal, and there are 15 of them showing buy signals.

Moving averages being some of the most important indicators, are also showing strong buy signals with a number of 13, and only one moving average is standing neutral, and one towards the selling side. The Same is the situation of the oscillators with two buy signals and eight neutral while only one oscillator is giving a sell signal.

Monero price analysis: Conclusion

The entire technical timewise Monero price analysis indicates a not-so-bad picture for the crypto asset. There seems to be selling pressure in the market for XMR/USD pair, as traders are in fear of a pullback and booking profits. XMR is expected to remain bearish for the next 16 hours.

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.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

Related News

Hot Stories

Solana price analysis: SOL price spikes to $42.4 as bullish momentum intensifies
ChainLink price analysis: LINK rises to $8.4
Polkadot price analysis: Bulls reclaim $8.79 position after the latest upturn
Bitcoin, Ethereum, Polkadot, and Dogecoin Daily Price Analyses – 7 August Roundup
How to Stake Kava: Is 110% APY on BUSD legit?

Follow Us

Industry News

Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin falls to $23K on U.S. jobs report
How are the top cryptocurrencies selected?
Voyager Digital set to refund users with a $270 million fund