Monero price analysis: Bearish momentum slows down bullish progress to reach $305

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  • The latest Monero price analysis shows a decline in price.
  • Bearish momentum has reduced the price to $304.67.
  • Further downgrade in price is to be expected.

The Monero price analysis is showing a decline in the price value, as the bears have made a considerable comeback. The past few hours had seen an extraordinary rise in the price, as more buyers entered the market.

Today’s trend is going towards the downside, as the bears are trying to pave way for their momentum. The price has reduced to $305 and is expected to decrease further if more sellers continue contributing to bringing the price down.

XMR/USD 1-day price chart: Bulls are on course to win back former height

The 1-day price chart showing Monero’s progress is going towards the bullish direction today. The bullish momentum is rising and so has the price successfully reached the value of $305.

The moving average (MA) value is $298.57, slightly lower than the current price as the past week has seen a relatively greater number of bearish strikes. The volatility has increased, which can be taken as negative news for the future of cryptocurrency.

Monero price analysis: Bearish momentum slows down bullish progress to reach $305 1
XMR/USD 1-day price chart. Source: TradingView

The Bollinger bands in the 1-day price chart are indicating the following values; the upper band is found to be at $327.5 while the lower band is at $250. The Relative Strength Index (RSI) score has improved in the last 24-hours as well, as it has climbed up to reach 58.6 of value.

Monero price analysis: Bears make slight recovery to pull back price to $304

The 4-hours Monero price analysis shows that the bears are putting in efforts to achieve supremacy over the price chart once again. Their progress so far has been considerable, as the price levels have receded to the $305 level.

Although the past hours had been highly supportive for the bulls, the most recent update is in the favor of the bears. Furthermore, the moving average value is found at $301, while the Bollinger bands average is set at $293.47 in the 4-hours price chart.

Monero price analysis: Bearish momentum slows down bullish progress to reach $305 2
XMR/USD 4-hours price chart. Source: TradingView

The volatility is gradually increasing, whereas the upper Bollinger band has reached $310.5 and the lower band has reached $276.5 of values, respectively. The RSI score is decreasing as well and is at 60 because of the ongoing bearish trend.

Monero price analysis: Bearish momentum slows down bullish progress to reach $305 3
XMR/USD technical indicators chart. Source: TradingView

The XMR/USD technical indicators chart is indicating a bullish signal because the day has been dominated by the bulls for the most part. More buyers have approached the market as compared to the sellers as there are 14 indicators on the buying side, 10 on the neutral, and only two on the selling side.

The Moving Averages indicators are also going strongly bullish as the general trends for the past week have been supportive of cryptocurrency. There are 14 indicators at the buying position, one at neutral, and none at the selling position. The Oscillators, on the other hand, are going bearish because of the recent drop in price, and there are nine oscillators at the neutral position, two at the selling, and none at the buying position.

Conclusion

The 1-day and 4-hours Monero price analysis is going bearish, as the sellers are trying to overcome the building-up bullish momentum. The price levels have fallen to $305, and they may continue to fall in the upcoming hours as well.

The bulls have not been able to cross the resistance level at $310.5, because of the sudden decline in the price value. But there is a strict chance of the price rising up again if the support at $276.5 remains strong.

Source: cryptopolitan.com

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