Monero Price Analysis: Will bears push XMR/USD below $300 support

TL;DR Breakdown

• Monero price analysis is bearish on the daily chart after losing 1 percent.
•  XMR/USD is trading within a narrow daily range of $311 – $316. 
• The MACD histogram has just moved from short green bars to short red bars. 

Monero price analysis is bearish on the daily chart after losing 1 percent of its value in the last 24 hours. We are expecting the coin to retrace further as it finds strong support to realign and consolidate in preparation for beating the overhead resistance at $320. Therefore, today we can only anticipate a bearish trendline where XMR/USD could set a lower low. 

The general digital assets market trades slightly bullishly after all cryptos went into recovery mode following losses on Thursday. Market leaders Bitcoin, Ethereum, and Cardano gained 3.72 percent, 4.12 percent, and 10.69 percent, respectively. Solana, Cardano, and Dogecoin remain the best performers of the day, with gains above 10 percent. 

Monero price analysis in the last 24 hours: XMR/USD struggles to beat $316 resistance

According to our daily Monero price analysis, XMR/USD is trading within a narrow daily range of $290 – $306. Thereby indicating a drop in volatility over the last 24 hours. Additionally, the privacy coin witnessed another drop in trading volumes since yesterday by 15 percent.

The total daily trading volume sums to $236 million. Meanwhile, Monero’s market capitalization rose by 3.45 percent in the last 24 hours to a total of $5.6 billion. According to Coin Market Cap, Monero is crypto number #28 by market cap. 

XMR/USD 4-hour chart: Will XMR rally?

On our 4-hour Monero price analysis chart, the XMR/USD pair is attempting to establish a solid floor at $311, and the bulls are working hard to prevent any further downsides below the $310 mark. 

Observing the 4-hour Monero technical indicators on our price analysis, the MACD histogram has just moved from short green bars to short red bars – therefore indicating a change of momentum to the advantage of the bears. The reduced size of the bars indicates the bearish momentum could be short-term and insufficient to pull the price below the intraday low. 

Monero Relative Strength Index (RSI) is leaning against a bearish market and points upwards at the 38 index level. Meanwhile, chances exist of the RSI shifting into the neutral side where the bulls will need to gain more support from the market to counter any downswings and trigger a solid uptrend as per Monero price analysis.

Selling pressure is highest at the $300 mark and has down slopped the resistance zone to $295 and $305. The press time price is already a few percentages down from the daily high and the balance of power indicator is showing the bears have better advantage against the bulls.

Closely on the 4-hour candlesticks, the price of XMR/USD is in touching proximity with the middle line of the Bollinger bands – (also termed as the Simple Moving average) – an indication of bearish momentum. The bull’s only change depends on sustaining a breakout beyond the $305 and reaching the $310 point. At which point, more buyers will enter the market and solidify a bullish market structure.

Monero Price Analysis: Conclusion

Monero price analysis suggests a bearish trend in the next 24 hours. Take into consideration slight downswings, but they won’t be high. The buyers seem intact to sustain the tight range or push it upwards, rather than let it drop below the $310.However, the price could still drop below this mark but slightly by a few points. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions

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