- XMR price faces a decline up to $261.4.
- Monero price analysis shows a downward trend.
- Support is still secure at $236.5.
The Monero price analysis shows the cryptocurrency is facing immense pressure from the bearish side as a downtrend has been following consistently for the past two weeks. The price underwent a decline even today and has moved down to the $261.37 level. Although there had been instances where the price was uplifted, the overall trend that has been observed is on the bearish side. A further drop in price can be expected in the future as well.
XMR/USD 1-day price chart: XMR faces resistance above $261 as bears exhibit control
The price has receded down to the $261.4 level during the last 24-hours which is an alarming sign. The market value of the Monero coin has decreased quite significantly as the price has been declining constantly since the past week. The price has taken a downturn even today, as the bearish momentum is getting stronger. The moving averages indicator is showing its value at $261.4 level for the day.
The volatility has decreased slightly which means that chances of improvement are coming the cryptocurrency’s way. The upper Bollinger band is now settled at the $294.15 mark whereas the lower Bollinger band is at the $236.5 mark. The Relative Strength Index (RSI) score has dropped down to 48 as well.
Monero price analysis: Minimal progress reported as price moves up to $261.4
The four hours Monero price analysis is dictating a subtle rise in price as the bulls are striving to make a comeback. The price has increased up to $261.37 in the last four hours as the bulls are trying to recover back from the loss. A significant drop had been recorded earlier, but now a slight shift in the trends has been observed. The price is still standing far below the moving average value which is found at $266.6.
The SMA 50 curve is still going above the SMA 20 curve which means that the bears are still dominant. The upper value of the Bollinger bands Indicator is at $277.01 whereas their lower value is at $261. The RSI score for the four hours price chart is 34, as it declined drastically as well.
As the price dropped significantly in the past few months, the situation is getting tough for the buyers. The overall indication for the cryptocurrency is bearish, with 12 indicators on the selling position, 10 indicators on the neutral position, and four indicators on the buying position.
The moving averages indicator is confirming the downtrend as well by displaying a strong bearish signal. There are 11 indicators on the selling position, three indicators on the buying position, and only one indicator on the neutral position. The Oscillators are giving out a neutral hint as there are nine oscillators on neutral position while the remaining two oscillators are on selling and buying positions each.
Monero price analysis conclusion
The Monero price analysis concludes a downtrend in price has been recorded during the past 24-hours as the price has lowered down to the $261.4 level. This came as a huge blow for the buyers as they were unable to rescue XMR from the bearish pressure. The price might go down than its current position as well as the four hours chart is displaying red candlesticks as well.
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