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Monero price analysis: Tug of war between the bears and the bulls keeps XMR at $73

Monero price analysis Tug of war between the bears and the bulls keeps XMR at 73

Monero price was supposed to rise, by the time September nears its end. Then downward pattern hasn’t broken yet and the price keeps camping around the seventy-three ($73) dollars mark.

XMR’s volatility has caused it to be unstable recently and the seventy-five dollars ($75.72) mark from where today’s trading session initiated did not intimidate the buyers to pursue Monero price further up.

Monero was suspected to break down the seventy-three ($73) dollars mark on September 16. The dip gave way for buying at an immense rate for XMR to be bought back up to its initial value from seventy-one dollars ($71.342). From there, the sellers stopped trading and XMR finally regained its home-base.

Monero price analysis: Tug of war between the bears and the bulls keeps XMR at $73 1

Monero price chart by TradinView

Another dip might be due today during the inter-day trading session with the buyers pressuring the market. The inverse cup and handle pattern forming will cause XMR price to rebound once it has reached the seventy-one dollars ($71) territory again.

At the time of writing, Monero trades at seventy-three dollars ($73.404) while the market cap totals to one billion dollars ($1,272,826,975). The twenty-four (24) hour trade volume is valued at one hundred and two million dollars ($102,280,059).

Uplifting Monero price

If the sellers try dipping Monero down during today’s trading session, XMR’s first stop will be at seventy-three dollars ($73.27). Next on the list is a close-by mark that reigns at $73.0029. If that mark breaks then XMR will seek refuge under the banner of seventy-one dollars ($71.29). If everything goes according to plan, XMR should be back to seventy-three dollars ($73.5) by closing time.

Monero price analysis: Tug of war between the bears and the bulls keeps XMR at $73 2

Monero price chart by TradingView

If the bulls decide to take matters into their own hands then the fist resistance mark for them resides at seventy-four dollars ($74.539). The next stop will be made by XMR at seventy-five dollars ($75.4245). The resistance mark will be at seventy-six dollars ($76.012) which is a fairly strong resistance mark.

The relative strength index (RSI) is bullish in the short term, as it moves closer to the mark labeled seventy (70). The problem lies with the five (5) day interval where the RSI is not as promising.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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