Monero price analysis: XMR/USD aims at surpassing the intrada high of $271.2

TL; DR Breakdown

• The Bollinger bands are wide in most of the trading sessions suggesting that the market is more volatile.
• In the last 24 hours, Monero has been trading slightly bullish.
• The Relative Strength Index is slightly below the 70 mark, implying a strong bullish trend. 

Monero price analysis: General price overview 

The price of monero rose towards the end of yesterday’s session, forming a cup and handle pattern as it traded in bullish momentum. The daily Monero price analysis chart began a bearish trend; prices recorded a precipitous drop, sending the price to day’s lows of $257.5. At this point, the bulls provided significant support that allowed the price to rise in a rising wedge, which formed several bullish trend patterns to the intraday highs of $271.2.

Bears could not sit and watch the bulls taking the prices further, so they gathered in large numbers creating a pool of energy that facilitated them to push the price downwards.

The Bollinger bands are wide in most of the trading sessions suggesting that the market is more volatile. In addition, the prices seem to be approaching the oversold region meaning that bears are taking the wheels from the bulls.

The cryptocurrency started trading in the bear market yesterday evening, and the negative trend continued in today’s heat map as most of it is in red with only a few sots of green bars. 

Source: Coin360

The most prominent virtual asset BTC is down by more than 11 percent, trading $46.4. The closest BTC competitor, Ether, is trading in the same direction as the tremendous asset, recording a 12 percent price drop, making the coin trade at $3.4K.

Monero price movement in the last 24 hours: Bulls dominance

In the last 24 hours, Monero has been trading in a slightly bullish market, making the prices surge before bears created a strong resistance at the highest of the day at $271. At the time of writing, the bulls seem to be taking control of the market, trading at $266.5. 

Monero four-hour price chart: Bulls heading towards the intraday high

The BoP indicator is almost at the 1 mark, suggesting that the bulls have more strength than the bears. 

Source: Tradingview

The RSI is slightly below the 70 mark, and it seems to head towards the overbought region. If the RSI reaches the 70 mark, the bears will not be in a position of driving the coins price lower not unless they gather in large numbers creating a significant strength to curb the bull trend.

Monero price analysis: Conclusion

The moving average convergence divergence (MACD) line has crossed over the red signal line, indicating that the bull pressure is more than the selling pressure hence the price surge.

The majority of the digital assets are in a negative trend. Monero, like many other cryptocurrencies, is also trading in a negative direction. However, it has the potential to turn things around and start a bull run.

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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