Monero Price Analysis: Market is Making a Red Move, Looks Like Bearish Dominance Returns

• The price is dropping amid the return of bearish dominance over the market. The buyers are accumulating to support the coin.
• The crypto asset is moving below the 20, 50, 100 and 200 daily moving average.
• The XMR/BTC pair is at 0.005772 BTC with a loss of 3.39%.

The XMR price after a recovery is now again trapped in bearish dominance over the daily chart. It seems that the bears were looking for an opportunity now they slammed the bulls’ efforts and made the price drop again. The selling volume has increased and now the coin needs to attract buyers to rescue the coin or else the price will break the support of $110. So the investors need to take care of this. The bears have pushed the price below the exponential moving average, and the selling volume has gained 20% in the intraday trading session. The XMR price made a higher high of $130.5 in the last 24 hrs session.

The current price for one XMR coin is trading at $119.60 which is at a loss of 5.82% in its market capitalization in the last 24 hrs. The coin has trading volume of 87 million which is at a gain of 20.91% in the 24 hrs trading session and market cap of 2.1 billion. The volume market cap ratio is 0.04041.

Short-term Analysis for XMR

While observing the short term (4 hrs) graph we can observe the waves of uptrend converting to the downtrend. This signifies the selling pressure over the coin. But over the last move of the coin on the hourly chart we can observe an accumulation of buyers.

Supporting the above on MACD indicator we can observe the red histograms started fading which is indication of activation of buyers. If this continues we can observe a positive crossover soon.

The relative strength index indicates the same  as the RSI is moving towards the upper region amid the increase in buyings.

Conclusion

The XMR price after a recovery is now again trapped in bearish dominance over the daily and hourly chart.The selling volume has increased and now the coin needs to attract buyers to rescue the coin and price made a higher high of $130.5 in the last 24 hrs session. Whereas the technical indicators indicate for a bullish move as the buyers are activating. The XMR market is being very uncertain these days so the investors must be alert before making any move.

Technical levels

Resistance levels: $134 and $155

Support levels: $111.11 and $97

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.