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Monero price analysis: Bearish momentum suppresses price below $269 after return

Monero price analysis Bearish momentum suppresses price below after return

TL;DR Breakdown

  • The XMR price is going down once again.
  • Monero price analysis is showing price at $269.
  • Support is quite rigid at $217.13 level.

The Monero price analysis reveals the bearish candlestick has returned to the price chart today and the price underwent a decline in the last 24-hours. The bulls have been reigning since the past week, but today the bears have shown resistance. As a consequence, the price dropped down to $270 as the bearish momentum has overpowered the bulls for the day. Further decline in price is expected as the hourly price chart is under bearish pressure as well.

XMR/USD 1-day price chart: Bulls remain unsuccessful in hitting the $279.54 target

The ongoing bullish trend has been reversed as the bears have been desperately trying to secure the upper position on the price chart. The price has lowered to $269.91, and it is expected that the cryptocurrency may face further loss in the coming week. The moving average (MA) is sitting on the $254.31 position, whereas the Bollinger bands indicator is present on the $248.34 position for the one-day price chart.

Monero price analysis: Bearish momentum suppresses price below $269 after return 1
XMR/USD 1-day price chart. Source: TradingView

The volatility has been increasing during the day which may provide some cushion to the XMR price. Furthermore; the Bollinger bands are showing the following values; the upper value is $279.54 whereas the lower value is $217.13. The Relative Strength Index (RSI) score has been reduced to 57 once again.

Monero price analysis: Price slips below $269 level and further recent developments

The bearish momentum has been at its peak for the past few hours, according to the 4-hours Monero price analysis. The price has taken a downturn and has been decreased up to $269. This is a quite discouraging sign for the buyers, as they were anticipating a further recovery. Moving forward, the moving average value in the four hours chart is standing at $269.14 position, whereas the Bollinger bands average is at $263.43.

Monero price analysis: Bearish momentum suppresses price below $269 after return 2
XMR/USD 4-hours price chart. Source: TradingView

The volatility has increased which means that the price might undergo a decline in the approaching time as the moving average is traveling towards price Cleveland if MA goes above the price, this will be a bearish indication. Whereas the upper Bollinger band value has reached $275.64 position and the lower Bollinger band value is at $251.21 position. The RSI score has dropped down to 62.52 because of the constant bearish trend.

Monero price analysis: Bearish momentum suppresses price below $269 after return 3
XMR/USD technical indicators chart. Source: TradingView

The technical indicators chart for XMR is going bullish as the price has progressed so far from a general perspective. There are 14 indicators present on the buying position, with seven on the neutral and five indicators on the selling positions.

The moving averages indicator is hinting the same as it is giving a strong bullish signal as well. There are 11 indicators on the buying mark, three indicators on the selling mark while only one indicator is on the neutral mark. The Oscillators are giving a relatively neutral signal with six indicators on the neutral position, three on the buying, and two indicators on the selling position.

Monero price analysis conclusion

The Monero price analysis suggests the bears have regained their strength as the price has moved down to the $269.61 level today. A further drop in price can be predicted as more chances are coming towards the sellers’ way. Today’s downtrend seems to be due to a profit booking period after the significant price gains of the last few days. The bulls may limit such possibilities if they are able to maintain the support level at $217.13. The past week has been extremely favorable for the bulls, and there is an imminent possibility that the price may increase in the coming weeks.

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.”

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