Monero [XMR/USD] Technical Analysis: The bulls lose grip while bears continue to conquer

Monero was among the cryptocurrencies that were hit by the recent attack of the bears. Major cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] have all broken support which was caused by a massive sell-off. XMR prices have crumbled as well breaking supports and dipping lower than before. The current price of XMR is $89.59 with a market cap of $1.46 billion.

1 Hour

The one-hour chart shows an uptrend after the crash which spans from $82.19 to $88.80, while the downtrend is ranging from $106.53 to $90.20. The prices have broken previous supports and created new support at $82.19. The new resistance points are set up at $95.10 and $107.85.

The Parabolic SAR markers spawning below the candles pressuring the candles to rise above which is a bullish trend.

The MACD lines are still rising strongly after the bullish crossover. The MACD histogram shows green bars above the zero line indicating a bullish presence as well.

The Awesome Oscillator’s bullish momentum has receded under the bear’s pressure.

1 Day

The one-day chart indicates a downtrend ranging from $249.44 to $114.07 with no uptrend in sight. The previous support has been broken. The support at $84.20 is holding steady even in the face of the recent slippage. The immediate resistance is set up at $115.58, subsequent resistances are at $137.89, $164.63 and $212.87.

The Bollinger bands have undergone a squeeze and have started expanding indicating an increase in volatility. The prices have gone below the simple moving average indicating a bearish presence.

The Aroon indicator shows a significant strength in the downtrend. The Aroon up line is waning indicating that the uptrend has been exhausted.

The Stochastic indicator has reached an oversold point, undergoing a bearish crossover. The lines are falling down indicating a bearish presence.

Conclusion

The SAR markers and the MACD indicators are showing a bullish trend while the AO is neutral indicating that the momentum has vanished. The one-day chart is showing a strong bearish presence as indicated by the Bollinger Bands, Aroon and the Stochastic indicator.


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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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