Monero [XMR/USD] Technical Analysis: The bull of the bear street?

Monero [XMR/USD] Technical Analysis: The bull of the bear street?

Monero [XMR], the 10th largest cryptocurrency in the world and one of the remarkable privacy coins, recently experienced a jerk in its trading price after the bear crashed the crypto-party this week. Just like all the top-10 cryptocurrencies, XMR also came spiraling down by more than 10%.

At press time, the coin is trading at $101.3 with a market cap of $1.66 billion. The trading price of XMR is slowly recovering and showing a drop of 1.69% with a 24-hour trading volume of $16.7 million.

XMR 1-hour price candles | Source: TradingView

XMR 1-hour price candles | Source: TradingView

In the 1-hour timeframe of XMR candlesticks, the MACD made a negligible bearish crossover and strolled back to the greener side of the road. Henceforth, the indicator is suggestive of a bullish presence in this case.

The Bollinger band is currently advocating for a relatively stable price run for XMR, without the presence of much volatility.

Chaikin money flow has taken a downturn and is approaching the grounds, yet fairly away from the sellout zone. Thus, the indicator is in a healthy zone as of now, flashing a green signal as represented by the recent upwards movement.

XMR 1-day price candles | Source: TradingView

XMR 1-day price candles | Source: TradingView

In the 1-day scenario of XMR price candles, the two trend lines from $248.91 to $115.32 and $84.23 – $100.66 are moving towards each other, where an intersection is apparent on observation. This is indicative of a breakout in the XMR price trend.

Meanwhile, the RSI has bounced back just before entering the oversold zone and is currently in favor of the bull-rule.

However, the Awesome Oscillator is still warning the XMR market with a weak red signal flashing across the board.

Conclusion:

Concluding the technical analysis, most of the market indicators look satisfied with XMR’s price performance and are supporting a positive prediction. Therefore, Monero might see a pump in its price soon, avenging the bear-attack that turned the grass bloody.

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