Monero’s price analysis shows that strong bearish activity has been observed in the last few hours. Bear wool is crashing in the market as its price drops below $251 today. Chances of recovery are slim as bear momentum seems to be increasing hourly. More and more buyers are giving in and adding to the depreciation of XMR/USD prices.
1-Day XMR/USD Price Chart: Cryptocurrency takes a big hit as bears take over the market
XMR/USD 1 day will be bearish as the price suddenly dropped to the level of $246. This has a negative impact on the total value of XMR/USD because the moving average is also well above the current price, which is around 295.31.
In addition, the variability is also increasing, which is a negative sign of the future trend. Last week was clearly cheap for the bulls, but today the bears have secured a place on the price chart.
With volatility on the upside, Bollinger’s upper band has reached $333 while Bollinger’s lower band has fallen to $246. Monero’s price analysis shows that the relative strength index chart also shows the curve of the sword, as a result it has fallen to 38 today, very close to the unsold limit.
Monero Price Analysis: XMR remains in freefall, price lowered to $251
Monero’s 4-hour price analysis shows that the bears have regained control of the price chart. The bearish momentum has caused the price level to fall to $251, but such an extraordinary free fall may not last long as the price has dropped dramatically below the Bollinger’s lower band.
The moving average on the 4-hour price chart is $303, which is relatively stable compared to current prices. The short-term trend is also down.
Increased variability results in the following values for Bollinger Bands; The upper Bollinger band is worth $332.24 while the lower Bollinger band is worth $277.51. The RSI score also dropped significantly to 21, which is also below the unsold figure.
The table of XMR/USD technical indicators below also confirms that the bears are doing significant damage to the overall value of the coin. The summary is such that the short position contains 15 indicators, with nine neutral indicators and two indicators present in the long position.
The moving average indicator also provides a strong sell signal because there are 12 indicators at the selling point, one at the neutral level and two at the buy point.
Since today is favorable for the bears, the oscillators also give encouraging signals to the sellers. There are eight oscillators in neutral, three on the sell and none on the buy.
Conclusion of Monero price analysis
The 1-day and 4-hour price analysis provided by Monero shows that the cryptocurrency has suffered significant losses in the last few hours. The loss is huge as the price level has dropped to $251, even below the maintenance level.
In addition, there is an unavoidable opportunity to increase XMR as there seems to be enough time for investors.