XMR Continues to Correct Down Today; Yearly Price Chart Looks Optimistic
Today, XMR has shrugged off the price gains it had managed yesterday. Just like Bitcoin, the coin is yet to find any strong support level to strike a recovery. BTC is trading downwards and may hit the $9200 price mark, while Monero is testing supports near $74.
Monero Price Analysis
Yesterday, the XMR coin was trading with a bullish bias for the better of the day. The coin went as high as $78 to mark a fresh 90-day high. The coin opened yesterday at $74.16, and it noted a surge of more than 5%. After this, it kept consolidating until it closed at $76.82.
Today, Monero has resumed the correction at the same pace though the coin has attempted to break the downtrend twice, which is where it has formed higher highs. XMR is still looking for support price and is losing momentum right now.
In this chart, RSI is at 38, nearing the oversold zone. With the daybreak today, moving averages have formed a bearish crossover.
But…the picture is not that gloomy
The year-long chart here shows how Monero faced strong bearish pressure throughout the second half of the previous year. After declining heavily against Bitcoin, lately, it formed a double bottom before ending the year of 2019. Novice investors must check out Monero Forecast to get an idea about the future prices of the XMR coin with technical analysis.
XMR coin exhibits a mild bullish trend against Bitcoin in 2020. However, today’s downtrend makes the scenario a bit dicey. With opened Bollinger bands, Monero is set to enter the volatile territory. In contradiction to the 1-day chart, XMR is heading towards a bullish crossover at a very slow pace.