- Monero price analysis appears to be bearish.
- The strongest resistance is available at $246.
- XMR/USD is currently trading at $184.4.
The Monero price analysis is looking bearish today. Monero has been consolidating during the past three weeks inside an ascending channel. A breakdown of this channel could be very bearish, and Monero might continue to decline, as we have seen during the past few months. This is a short-term analysis, so if you hold on to your Monero for a more extended time frame, this should not affect your trading decisions.
During today’s Asian trading session, we can see that Monero had managed to break out of its ascending channel but only briefly as it quickly retraced back inside the channel before establishing new lows below $180.
The XMR/USD today opened at $182 and has declined ever since. The sellers have managed to push Monero as low as $180, but buyers managed to defend this level and pushed prices back into the ascending channel, where they currently trade at around $184.
If the price breaks out of this channel, we will see strong resistance at the 61.8% Fibonacci retracement level, priced at around 245$. This is also where January’s lows are located, so if Monero continues its bearish momentum from here, we could see prices retest these lows again. On the other hand, if the bulls manage to push prices above 245$, we can expect them to run towards 300$ or even 340$.
The trading volume has been relatively low, which is a sign that the sellers are not as strong as they used to be. The RSI and Stochastic indicator have struggled to maintain their momentum, and we could see the bulls make a comeback during today’s session. If we see Monero price decline beyond $180, there is no sign of support until $160, which is another lower low for Monero.
XMR/USD 4-hour price analysis: The bulls come into action
The Monero price analysis indicates that the market’s volatility is heading downwards. This implies that when the volatility rises, XMR/USD values will fluctuate in accordance; less volatility means the XMR price is less likely to change. The upper limit of the Bollinger band is set at $202, which serves as key resistance for XMR. The lower limit of the Bollinger band is set at $182, which reflects strong support for XMR.
The XMR/USD price appears to be crossing over the Moving Average curve, which indicates a bullish trend. The market’s momentum is positive, and this will aid XMR in regaining some of the losses it incurred over a few days.
XMR/USD 4-hours price chart source: Trading view
The Monero price analysis indicates that the RSI is 43, indicating that cryptocurrencies do not fall on either the undervalued or overbought sides. The RSI appears to be climbing gradually, suggesting that the value of cryptocurrency is growing and approaching stability. The increase in RSI ratings is due to strong buying activity exceeding selling activity.
Monero Price Analysis: Conclusion
The Monero price analysis revealed a bearish trend with the potential of a reverse trend. The cryptocurrency has displayed the capacity to establish a bull market fast, which might aid in value recovery and price increase. The conclusions drawn from the chart analyses suggest a bearish trend in play, which will assist Monero to return on track.
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