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The Monero price analysis exhibits hopeful traits because of the price gain today. The past few days haven’t been good for XMR because the coin’s value has decreased and there has been a strong negative trend. The price levels have been seen rising higher today, as bulls have returned. Just over the $156 mark, the support has been apparent. However, the market pressure appears to be rather severe at this level as well, since the price is in a zone of resistance and selling pressure has also returned.
XMR/USD 1-day price chart: Marginal increase in Monero price
The 1-day Monero price analysis reveals that after the bulls raised the price level, the price is currently trading on the upward side. At the time of writing, the price of the XMR is $157.21. However, the cryptocurrency pair continues to show a drop in market value of 0.14 percent over the previous 24 hours and 0.27 percent over the previous seven days. While the market cap has declined by 0.24 percent, the trading volume has decreased by 2.23 percent. Collectively, this demonstrates that the market is still under negative pressure and that the bulls haven’t fully recovered.
With the upper Bollinger band at the $163 mark serving as resistance and the lower band at the $149 mark serving as support, the volatility for XMR/USD is nearly high. The price of the coin is also trading above the mean average line of the indicator, which is present at the $156 mark. The relative strength index (RSI) is on an upwards curve, indicating rising buying activity, but the ascending curve is modest. It is lingering close to the neutral zone’s center.
Monero price analysis: Recent developments and further technical indications
The bears are giving strong competition, as seen by the 4-hour price chart for Monero price analysis, because they have drastically depreciated the price over the previous several hours and are still in charge of the price function when looked at on an hourly basis. This is evident from the fact that the most recent candlestick, which is red and represents a bearish price function for the previous four hours, confirms this.
The Bollinger bands demonstrate low volatility and provide the price function with a small range of oscillations. The $159 threshold shows the upper band, and the bottom band is $155. At the $156 level, the moving average (MA) is trading below the price level. The RSI has also decreased to index 48; the humble downward curve of the RSI during the present hours demonstrates the market’s selling activity.
Monero price analysis conclusion
Since the price trend line for the previous week is downward, the examination of the Monero price analysis offers traders a mixed bag of possibilities. The price function over the previous few hours shows that there is currently a correction, however the decline in price is not significant. We anticipate that XMR/USD will close today in the green with a slight price increase.