TL;DR Breakdown
- Monero price analysis suggests a downward movement to $136
- The closest support level lies at 140.00
- XMR faces resistance at the $145.00 level
The Monero price analysis shows that the XMR price action found support at the $140.0 mark and the bullish momentum has enabled the price to return to the $144.0 mark. However, the price action still faces strong bearish pressure at press time as the bulls face rejection at the $145.0 mark.
The broader cryptocurrency market observed a mixed market sentiment over the last 24 hours as most major cryptocurrencies recorded mixed price movements. Major players include XRP and BNB showing a 1.22 percent incline and a 0.96 percent decline respectively.
Monero price analysis: XMR finds support at $140.0.
The MACD is currently bullish as expressed in the red colour of the histogram. On the other hand, the indicator shows low momentum at the press time as observed in the short depth of the histogram. However, the lighter shade of the indicator suggests a decreasing bearish momentum as the price finds support at the $1.400 mark.
The EMAs are trading below the mean position as net price movement over the last ten days remains strongly negative. Currently, the EMAs are trading close to each other showing low bearish momentum at press time. On the other hand, the converging EMAs suggest a slowly decreasing bearish momentum.
The RSI dipped into the oversold region today as selling pressure escalated in the morning causing a steep price drop to the $140.0 mark. At press time, the indicator trades in the neutral region XMR the oversold line at the 42.48 index level as the price suggests strong bearish dominance with the upwards slope suggesting an increasing bullish pressure at the current price level.
The Bollinger Bands are currently wide as the price action observes high volatility across the short-term charts. However, as the price moves up from the $140.00 mark, the bands will show convergence. At press time, the bands’ lower limit provides support at the $140.90 mark while the upper limit presents a resistance level at the $147.50 mark.
Technical analyses for XMR/USDT
Overall, the 4-hour Monero price analysis issues a sell signal at press time with 12 indicators supporting the bears. On the other hand, only two of the indicators support the bulls showing a low bullish presence. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Monero price analysis also shares this sentiment and instead issues a sell signal with 15 indicators supporting the bears against only one supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a low bullish presence at the current price level. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time.
What to expect from Monero price analysis?
The Monero price analysis shows that the Monero market is currently in a bearish rally as the price action observed a breakdown from the $162.00 mark to the $140.0 price level. However, the bulls made some recovery and the price has risen back to the $144.0 mark.
Traders should expect XMR to observe sideways movement at the current price level before the price action continues its downward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bullish and bearish trends respectively. The price can be expected to move to $1.450 before moving down to the $136.0 mark.
