- Monero price analysis is bullish today.
- The price fell below $230 yesterday in a market crash.
- XMR/USD rejected downside below $226.
The Monero price analysis shows the coin is trying to recover after crashing to the level of $226 yesterday. Bulls have taken over the control of price function as a small increase in price has been observed today as the XMR/USD is recovering from the loss.
Monero has been repeating the loss cycle again and again since 10th November, as the trend line has turned downwards and the coin is crashing after an interval of every three or four days, and yesterday’s damage was also a continuation of the downtrend. However, the bulls try to recover the price to some extent after every crash.
XMR/USD 1-day price chart: Bulls struggling for recovery
The 1-day price chart for Monero price analysis shows an increase in price for today as XMR is trading at $229.73 at the time of writing. Today the crypto pair traded in a range of $226 to $231.4 and reports an increase in price value by 2.18 percent over the last 24 hours. But due to the downtrend, the coin also reports a loss in price value by 7.44 percent over the past week. The trading volume has been dumped by more than 11 percent during the last 24 hours. However, the market cap went up by 2.11 percent for the same time period.
XMR/USD 1-day price chart. Source: TradingView
The volatility is high for XMR as the Bollinger bands are expanding, and the worrisome sign is, the lower band shows more divergence towards the lower side. However, the lower band also represents support for the coin at $215, and the mean average of the indicator represents the resistance level for XMR at $251.
The relative strength index (RSI) is trading at index 41 at the lower half of the neutral zone, and the upwards curve of the RSI indicates a slower buying activity in the market, due to which the recovery is also slow and small.
Monero price analysis: Recent developments and further technical indications
The 4-hour Monero price analysis shows the price started to recover after the mid-session yesterday following a decline of a greater impact. The recovering process is slow and comparatively is very small chunks, even today bears tried to damage the price value, but bulls took over the price function again, as the last candlestick is green after the red candlestick.
XMR/USD 4-hours price chart. Source: TradingView
The volatility has also increased on the 4-hour chart, and the Bollinger bands have reached the following values; the upper band is at $255, and the lower band is at $219, the mean average of the Bollinger bands at $237 represents the resistance for XMR. The price just traveled above the moving average, which is present at $229.01, and the RSI now shows a little upwards curve, hinting at an increase in the buying activity.
Monero price analysis conclusion
The XMR seems to be continuing its downtrend, as the overall Monero price analysis portrays. The damages are very serious, and the recoveries are low, and the coin continues to mark higher lows. Today also seems to be a continuation of a recovery process which may continue till tomorrow or the day after tomorrow. The bullish momentum has not been powerful enough to break out of this trend, and XMR bulls need more strength to continue high in the next week, for which the circumstances don’t look favorable.
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