Price Analysis

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.

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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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