- Monero, at the time of writing this analysis, was trading at $60.69 after an intraday bearish divergence drawn at $59.6
- XMR/USD retains support from 50-day and 200-day MA at the current trading price and $57, respectively
- Over the past six days, Monero has marked a weekly high and low at $62.44 and $54.13, respectively
- However, the intraday still holds the hope of moderate recovery
Monero exhibits a bearish outlook since yesterday’s trading session except the green candlestick, which spiked the price to a weekly high at $62 with a brief momentum. With a brief hit of intraday momentum, the price trend of XMR/USD breached above the upper 20-day Bollinger Band, while with today’s bearish start, it gradually plummeted below the lower band.
Monero Price Analysis
Just when we precisely look at the intraday price movement of Monero against the US Dollar, we see that the currency has been forming gradual and consecutive higher lows with almost a price accumulating trade. It was just in the initial hours yesterday when XMR price was seen drawing an uptrend just to close the day around $60.5 and breach the brief uptrend around $62.4. However, just at the time of writing, the MACD of the intraday trade for Monero appears bullish due to a subtle uptrend after the coin rose above $59.
On the weekly chart, XMR appears diminishing the gains of the last day as it continues to trade around $60, just where it closed yesterday. The 20-day Bollinger Bands are likely to squeeze, and as Monero lacks rapid traction, the coin is likely to breach below the lower band and lose the 50-day MA support. The price trend of Monero is still above 38.20% Fib yet appears bearish.
The MACD of the XMR coin draws a bearish crossover due to lack of steady intraday momentum and price accumulation, while the RSI shows the immediate reflex as the coin rose from $59, the RSI is seen at 53.91. Based on the technicals as well as XMR price forecast, the coin might face price correction up to its next support around $58 in the upcoming hours.