The latest Monero price analysis confirms a bullish trend for the day as the buying momentum has been continuously growing today. In the past week, the market showed good improvement as the coin value kept on rising. Prior to that, XMR/USD was under the influence of sellers as it was struggling to maintain its price levels. Today, the trend is in favor of buyers as the price experienced an increase up to $197.4 during the day. The next resistance is still far above $204, which bulls have to encounter in the coming hours.
XMR/USD 1-day price chart: bullish momentum continues as the price keeps rising
The daily Monero price analysis confirms a bullish trend for the market as the price covered an upward movement in the past 24-hours. The buyers controlled the market in the past week as bulls are flourishing. Today, an increase was experienced by the cryptocurrency as its value moved up to a $197.4 position. It is way higher than its moving average (MA) value, which is standing at a $178.5 position after crossing over the SMA 50 curve, which is a further bullish indication. The gains in value are significant as the coin shows a 6.31 percent increase in value over the last 24 hours, but the trading volume is down by more than 9.9 percent for today.
As the area between the Bollinger bands is quite vast, the upcoming price events are much more likely to be bullish, which is encouraging news so far as the price oscillations are already high. The upper band shows a $22.4 value, representing the resistance as the price moves towards it, and the lower band displays a $128.6 value representing the strongest support. The SMA 20 curve is trading above the SMA 50 curve, as the bulls are in the leading position so far. The relative strength index (RSI) is trading at an upwards slope at index 53, hinting at the buying activity in the market.
Monero price analysis: Recent developments and further technical indications
The four-hour Monero price analysis supports the buyers as the cryptocurrency experienced a good increase in price in the first four hours of today’s trading session. This is because the bulls are striving hard to maintain their lead. The buying momentum was gaining strength when the selling pressure appeared again, which is why the coin corrected for a period of four hours late at night; however, in the last four hours, bulls have elevated the price levels again as they touched $197.4.
The upward trend is expected to be extended further as bulls continue their lead. The Bollinger bands indicator shows mild volatility, which is making an average line at $188.7. At the same time, its upper band shows a value of $201.3, and its lower band displays a value of $176.1. The Relative Strength Index (RSI) graph shows movement upwards as the score increased back to index 63, hinting at the buying activity in the market.
The past few months proved highly unprofitable for the cryptocurrency, as overall, the bears seemed to be on the dominating edge. However, for the past two weeks, bulls have been ruling the market. This is why the technical indicators for XMR/USD display bullish signals. There are four indicators on the selling side, 10 on the neutral, whereas a majority of 12 indicators support the buying side.
Monero price analysis: Conclusion
The above one-day and four-hour Monero price analysis are going in favor of the buyers today. The cryptocurrency gained a substantial amount of profit in the past days as the price levels improved constantly. The same trend was observed during the past few hours, where the bulls showed an overpowering strength which is a good sign for intraday trading, as the coin’s price value moved up to $197.4.
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