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Monero price analysis: XMR shies away from the $198 mark

XMR

TL;DR Breakdown

  • Monero price analysis appears to be bearish.
  • The strongest support is present at $180.
  • The strongest resistance is present at $247.

The Monero price analysis for January 12, 2022, appears to be following a slightly negative direction, with a probability of a reverse trend soon. The price has increased significantly in the past few days and maintained its momentum. On January 11, 2022, the price started rising from $177 to $186; however, the price slightly declined the next day. On January 11, 2022, the price went from $186 to $182 but showed a positive movement right after. The price went from $182 to $191. The cryptocurrency maintained this momentum for today and has reached a price of $196, just shying away from the $198 mark.

XMR/USD 4-hour price analysis: Market maintains bullish momentum

The Monero price analysis reveals that the market’s volatility follows an increasing direction. This signifies that the XMR/USD values subject to change will fluctuate in the direction the volatility moves; more volatility means the XMR price is more prone to experience variable change. The upper limit of the Bollinger’s band is present at $199, which serves as the strongest resistance for XMR. The lower limit of the Bollinger’s band is present at $180, which represents the strongest support for XMR.

The XMR/USD price appears to be crossing over the curve of the Moving Average, which indicates a bullish movement. The market’s momentum shows positive signs, which will help XMR regain some of its losses that occurred for a few days. The XMR price appears to have been increasing, which almost caused a breakout in the market.

Monero price analysis: XMR shies away from the $198 mark 1
XMR/USD 4-hour price chart source: Trading View

The Monero price analysis reveals that the Relative Strength Index (RSI) is 55, which means that cryptocurrency falls on neither the undervalued nor the overbought side. The RSI appears to be following a straightforward, stable approach that reflects the value of the cryptocurrency remains dormant. The stability in RSI scores is caused by the strong buying activity equaling the selling activity.

Monero Price analysis for 1-day: The market shows strong bullish potential

The Monero price analysis indicates that the market’s volatility is massive but doesn’t appear to be following a specific trend. The volatility appears to be dormant, which means that the Monero price will likely remain constant until the volatility fluctuates. The upper limit of the Bollinger’s band is present at $247, which serves as the strongest resistance for XMR. The lower limit of the Bollinger’s band is present at $175, which represents the strongest support for XMR.

The XMR/USD price appears to be crossing under the curve of the Moving Average, which indicates that the market is bearish. The bears currently dominate the market but might soon lose this control to the bulls as they are coming strong. The XMR/USD price path appears to be almost crossing over the Moving Average curve, which will result in a bullish trend soon.

Monero price analysis: XMR shies away from the $198 mark 2
XMR/USD 1-day price chart source: Trading view

The Monero price analysis reveals that the Relative Strength Index (RSI) is 45, which means that XMR shows no signs of being undervalued or overbought. The RSI appears to be following an upwards approach that reflects the value moves towards stability. The buying activity is strong, which exceeds the selling activity, which causes the RSI score to increase.

Monero Price Analysis Conclusion

The Monero price analysis concludes that the cryptocurrency follows a bearish trend with strong chances of a reversal. The cryptocurrency has shown the massive potential of a bullish market soon, which may help regain value and increase the price. The deductions made through the observations of the charts point towards a reverse trend which will help Monero get back on track.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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