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Monero Price Analysis: XMR Price Retreats To $154.95  As Bears Retake The Lead

source-logo  coinedition.com 07 January 2023 10:36, UTC

Monero price analysis shows that the XMR/USD pair is currently in a bearish trend. The market has been in a downtrend since the beginning of today. Although yesterday was bullish, the bears have managed to take control of the market and push the price down to $154.95. Therefore,XMR/USD is ready to decline further and push back toward the $150.87 support. Resistance for the Monero price analysis is set at $152.80, and support is found at $156.64, either of which can be broken depending on the market movements.

The one day Monero price analysis shows that the XMR/USD pair is currently in a bearish trend. It seems that the market has been losing momentum for the past 24 hours. The XMR/USD pair is currently trading at $154.95 after hitting highs of $156.80 and lows of $152.80, respectively. The market has been on a downtrend as it lost around 0.53% of its value today. The XMR/USD pair is currently in a bearish trend as market sentiment remains negative.

XMR/USD 1-day chart: TradingView

The MACD indicator is currently in the bearish zone as the signal line is above the MACD line. The relative strength index (RSI) indicator for the XMR/USD pair is currently at 57.70, which indicates that the market is neither oversold nor overbought at the moment and that there is a possibility of a price rebound in the market. The MA line for the one-day timeframe is currently crossing above the candlesticks, which indicates that the market might see some bullish pressure.

The 4-hour Monero price analysis shows bears are pulling the price down and seeming successful in their attempts. The price is progressively falling as the bears maintain their dominance. The last few hours had no real impact on the cryptocurrency. Today, the XMR/USD pair fluctuated between $153 and $154; it is now trading at $154.95 at the time of writing.

The volatility for Monero is comparatively high, and the Bollinger Bands movement shows both ends on a downslope with their average line above the price level, which shows the price might go down in the coming time.

Overall, the Monero market is currently in a bearish trend as selling pressure remains high in the market. The market is expected to continue its downtrend as the sentiment in the market remains negative. Investors remain cautious about the current economic conditions. Prices will continue falling if the selling pressure persists.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.