- Today’s Monero price analysis shows a bullish trend.
- Strong resistance is present at $160.
- Support for XMR is present at $154.
Given that the buying momentum has continued, the most recent Monero price analysis suggests a bullish trend for the day. The coin value continued to decline during the past week, which negatively impacted the market. Sellers were in control of XMR/USD since it was having trouble gaining support. But yesterday, the bulls came back and made a perfect recovery. Today, too, the trend is in favor of purchasers as the price increased during the day, reaching $157.44. The increase is minimal, but XMR is at least the one that continued its upward trajectory in a largely bearish market.
XMR/USD 1-day price chart: Among the select few today, Monero saw some value growth
Given that the price of Monero covered a higher movement during the previous 24 hours, the daily price analysis supports a bullish trend for the market. The market was under the sellers’ control the previous week, and the selling pressure is still present. However, the cryptocurrency enjoyed a gain today as its value rose to $157.44. It is still slightly lower than its moving average (MA) value, which is standing at a $157.98 position after crossing below the SMA 50 curve, which is a further bearish indication. The coin’s value has increased by 0.85 percent over the past day, while trading volume has increased by more than 16.9 percent for today, indicating modest value gains.
It is pleasant to hear that the next price occurrences are anticipated to be bullish given the size of the region between the Bollinger bands. The lower band exhibits a $152 value, showing the strongest support, and the upper band displays a $165 value, reflecting the resistance as the price continues upward. The SMA 20 curve is trading below the SMA 50 curve, despite the fact that bulls are in the lead position. The relative strength index (RSI), which indicates a market tie between buyers and sellers, is currently trading at a horizontal slope of 49.
Monero price analysis: Recent developments and further technical indications
The cryptocurrency had a significant price increase in the early hours of today’s trading session, and this is supported by the four-hour Monero price analysis, which is in favor of the buyers. This is due to the bulls’ intense efforts to hold onto their advantage. The coin corrected for a period of four hours, and the correction was relatively stronger. The selling pressure reappeared as the buying impulse was gathering strength; however, in the last four hours, bulls have increased the price levels again, reaching $157.44.
The bulls are predicted to maintain their lead, which will cause the upward trend to deepen. High volatility is indicated by the Bollinger bands indicator, which causes an average line to be drawn at $154. At the same time, its upper band shows a value of $159, and its lower band displays a value of $149. The Relative Strength Index (RSI) graph shows movement upwards as the score is settling at index 53, hinting at the buying activity in the market.
Monero price analysis: Conclusion
The above one-day and four-hour Monero price analysis show that buyers are currently winning. Due to consistently rising price levels over the last two days, the cryptocurrency saw a tiny benefit. The bulls returned, which is a positive indicator for intraday trading, and a similar trend was seen over the course of the last several hours as the coin’s price increased to $157.38. The price increase is minor today because of selling pressure, as indicated by today’s hourly correction.
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