- The Monero price analysis shows cryptocurrency is undergoing recovery.
- Price upgrade has resulted in $268.2 win.
- Support level is spotted at the $247 level.
The Monero price analysis shows that the cryptocurrency is providing eminent support to the bulls. The bulls have been succeeding so far in their mission of overcoming the increasing bearish momentum.
The uptrend has been secured by today’s bullish momentum, as the past few hours had brought instability for the bulls. Monero’s price is now at the high position of $268.2, after recovering from the bearish attack. As the support is strong, chances may be high for the bulls in the future as well.
XMR/USD 1-day price chart: Bears establish base near $268
The one-day price chart for Monero price analysis shows Monero’s progress is going slightly towards the bearish side. The price has receded today again after a bullish uptrend of recent days due to the sellers rushing to sell assets, which has brought the price to balance at $268.2 or below and stop the bulls from going further.
Bears have been successful so far, as the price underwent decline today. The price is still quite far from the moving average (MA) which is at the $260 stop for now.
The volatility seems to be increasing for the one-day Monero price chart, as the Bollinger bands are maintaining their average at $260. The upper value of Bollinger bands is $329 and the lower value is situated at $237. Moreover, the RSI score has lowered as well because of the bearish trend and is now at 47 in the lower half of the neutral zone.a
Monero price analysis: Increased buying enables bulls to take price above $268
The four hours Monero price analysis is showing that the bulls are once again making their way towards success. After the recent setback, the bulls have made a considerable recovery as the price has now reached $269 of level.
The moving average is maintaining its value at $265.25, whereas the Bollinger bands are keeping their average at $260.44. The volatility is also decreasing which is a quite encouraging sign for cryptocurrency buyers.
Moreover, other indicators that are relevant in predicting the price trend include Bollinger bands; whose upper and lower values are at $274 and $245, respectively. The RSI score has undergone fair improvement as well because of the bullish trend, as it has now moved in the upper half of the neutral zone and is at 56 for the 4-hours chart.
The given technical indicators chart Monero price analysis is confirming that the past few days have been highly critical for the cryptocurrency. There is a bearish signal because of the 12 indicators that are on the selling spot while the remaining nine indicators are at the neutral and five are at the buying spots.
The moving averages are indicating the same, as they are displaying the selling signal as well. There are nine indicators that were found to be on the selling level, five on the buying level and there is only one left on the neutral level.
The Oscillators are also giving a sell signal because there are eight oscillators at the neutral position, three at the selling position with none left at the buying position.
Monero price analysis conclusion
The four hours and one-day Monero price analysis report is showing that the bulls are making efforts for a comeback. The recent trend has been in their favor, as the price has raised itself above $268.
The short-term trending line is supporting the buyers as well, as the previous hours have seen a continual bullish win. If the $247 support remains firm at its place, cryptocurrency can touch further heights as well.
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