Monero Appears Midway as it Tries to Gain Momentum and Support

  • Monero, at the time of writing this analysis, was trading at $84, after correcting down from a fresh 90-day high marked at $97
  • XMR/USD holds a “death crossover” as the 200-day MA crosses above 50-day MA indicating a bearish trend ahead
  • The consistent higher high trend takes a break as the price falls from a height of $97

Monero (XMR) rises from the weekly bottom of $79 to currently trading at $84 with a steep fall withheld from the 90-day high price in the previous week. We foresee a bearish crossover as per the short and long-term moving averages.

Monero Price Analysis

Monero (XMR) Price News
XMR/USD Chart By TradingView

Analyzing the 4-hourly XMR/USD movement on Bitfinex, we see that the coin had a growing trend since the beginning of 2020 until the bears dropped in during the bygone weekend. Monero coin experienced a steep fall from $96 to $79, losing over 17% and welcoming a bearish trend. However, the short-term moving averages have supported the current fall of the XMR coin price.

Monero News

Taking a closer look at the 18-day movement of the XMR coin, we see the selling pressure getting built as Monero left the pace and support. Moreover, the “death crossover,” i.e., 200-day MA crossing above 50-day MA, is likely to invite bearish fall in the upcoming days until the market gets pumped up again. Alongside, Bitcoin price is also seen consolidating below $10,000 and has been testing supports around $9,600 to $9,700.

Technicals

The MACD of Monero is below zero and holds a bullish divergence as the price corrects above the marked bottom of $79 to $84.

The RSI of the coin is at 54.48 and holds no trading extremities at present. As per our XMR predictions, the coin is likely to correct downwards in the upcoming hours due to the recent death crossover.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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