Monero Price Analysis: XMR retraces to $280, what next for the bears?

TL;DR Breakdown

• The daily Monero price analysis is suggesting bearish sentiments on the 24-hour chart
• The daily range is an  intraday low of $280 to an intraday high of $287
• Our MACD histogram is indicating short red bars on the 1-hour chart

The daily Monero price analysis is suggesting bearish sentiments on the 24-hour chart after the bulls were unable to sustain prices above the $285 support. As a result, the price gradually slid from the $290 region into the $280 mark. We are expecting the downtrend to continue during the day with a first bear target of $278, whereby buyers can consolidate sufficient strength to face any future rejection on the upside.  

Cryptocurrencies in the overall market are trading with mixed results whereby BTC has lost 0.18 percent to hold support at $46.5K. Ethereum on the other hand gained more than 6 percent on the 24-hour clock, Solana lost 3.49 percent to become the worst performer. While DOT gained 15 percent and breached the $29 resistance.

Monero price analysis in the last 24 hours: XMR/USD struggles to beat $316 resistance

The daily Monero price analysis indicates that XMR/USD pair performed within a tight daily range cutting across an intraday low of $280 to an intraday high of $287. The range suggests dropping volatility, which might be attributed to the 11 percent drop in daily trading volume to a total of $204 million. Meanwhile, the last 24 hours have witnessed a 0.31 percent increase in Monero’s total market capitalization to a sum of $5.09 billion. The privacy coin was displaced from position #28 to #30 on the top 100 list of leading cryptocurrencies. 

XMR/USD 4-hour chart: Will XMR rally?

The daily Monero price analysis on our 4-hour candlesticks shows the XMR/USD pair attempting to breach a minor resistance at $283. The coin has faced a strong gradual uptrend in the last 2-hours after the bulls pushed the price from $280 to the press time price of $283. Bulls are optimistic to defend the $280 main support from recording further declines below it. 

Our MACD histogram is indicating short red bars on the 1-hour chart and has just shifted from green short bars.  Most of the bars are red, indicating a market bias towards the bears. 

There are chances that the bearish momentum will extend into the upcoming session as the bulls got pulled way below the $300 by lots of points. We can hope for the technicals to prevent any downsides in the coming hours but the bearish momentum is still likely to hold the coin still around the $280 mark. 

Break-even sellers are located between $310 – $320. At which point our Relative strength index is likely to turn positive. Buyers might swarm in at $275 and consolidate a premium rally if at all dip investors are going to consider a long-term price improvement for Monero. 

The price action of XMR/USD has positioned itself close to the middle Bollinger band – and points upwards. A breakout beyond $285 could steer a solid rally and the price could breach the upper Bollinger band in the next few hours. 

Monero Price Analysis: Conclusion

The privacy coin is trending within a danger zone and in the next 24-hours, the price of Monero could drop significantly into the $275 region. Therefore, our Monero price analysis is bearish and we should expect further lows in the upcoming hours.  The technicals for XMR seem slightly weak and demand for support from the broader market to resume the general market rally. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://api.follow.it/track-rss-story-click/v3/tHfgumto13BECS0sItWl-rkdRKkm2PJP