At the time of penning down this analysis, Monero’s price was trading at $50.83. Important to note that the price of XMR coin has hit the support around $50 after 60 days of resistance beyond it. The current trading price of the currency is 47% lower than the 90-day high price marked at $97 and withholds no signs of rebound any soon. The bearish crossover continues as the price of Monero coin continues to dip and lacks steady support.
Monero Price Analysis
Analyzing the 2-day movement of Monero to USD, we see that the price trend of the coin is following a particular pattern over the past year. The first half of the previous year appeared as a gainer to the investors, while the next half proved to be a loss-making period. Presently, the price trend of XMR coin seems to form a similar prototype in less than 90 days from the start of 2020. Aligning the assumption of the pattern formed, the current dip is another leg of the inverse “V” pattern observed. The candlestick breakout has led the coin to breach the 60-day support as it trades at $50.
Taking an emphasized view of the price movement of Monero against the US Dollar over the past 10 weeks, we see a clear deterioration of the from the mid of the previous month. The recent dip has led the coin to lose imminent support from the 50-day and 200-day Moving Average. As the 20-day Bollinger Bands are seen moderately widening, XMR coin is likely to face downside volatility as per the current momentum. The price trend is breaking through the lower 20-day Bollinger Band and appears strongly bearish.
The other technical indicators laid also hold bearish crossover as the signal line of Monero coin crosses above the MACD line as the coin tests support at $50.
Similarly, as the XMR/USD retains no support, the selling pressure remains dense, and the RSI is at 25.37. Despite the bearishness, the coin might initiate a recovery in the upcoming days as per our XMR price prediction.