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Monero [XMR/USD] Technical Analysis: Bull takes the lead but bear could take the trophy home

Monero [XMR], the tenth-biggest cryptocurrency by market cap, has been pleading for mercy from the bear’s rage while bleeding non-stop in the market. The cryptocurrency which got caught by the bear last week along with all the top cryptocurrencies such as Ethereum [ETH], Litecoin [LTC] and XRP, showed signs of survival as it glowed green for a short-duration.

According to CoinMarketCap, at press time, Monero [XMR] is trading at $68.51 with a market cap of $1.13 billion. The most sought privacy coin has a trading volume of $27.21 million and has plunged by 30.47% in the past seven days.

1 hour:

Monero one-hour price chart | Source: Trading View

Monero one-hour price chart | Source: Trading View

In the one-hour chart, the cryptocurrency demonstrates a downtrend from $90.15 to $71.16. It also shows a short uptrend from $67.30 to $69.26. The privacy coin has to pass the immediate hurdle set at $71.30 in order to get to the strong hurdle which is placed at $76.82. It currently has a strong support level at $66.26.

Bollinger Bands indicator pictures the bands coming closer to each other, predicting that a massive price out-break is highly unlikely.

Parabolic SAR are demonstrating that the bear is currently trying to win against the bull as the dots are aligned on top of the candlesticks.

Chaikin Money Flow is trying to help the bull as it shows that the money is flowing in to the market.

1 day:

Monero one-day price chart | Source: Trading View

Monero one-day price chart | Source: Trading View

In the one-day chart, the coin shows a downtrend from $137.89 to $114.07. The trend continues to go south from $114.07 to $106.81 and further down to reach $90.15. There is an uptrend from $89.97 to $101.77 and continues up only to rest at $105.45. The coin has to first overcome the immediate resistance at $114.26 in order to surpass the strong resistance at $124.51.

Klinger Oscillator is predicting that the bear is going to win the battle as the signal line is below the reading line.

MACD is also on the same, as the moving average line is below the reading line, predicting the bear’s imminent win.

RSI shows that the selling pressure is more than the buying pressure, adding support to the bear’s win. However, it also predicts that there could soon be a trend reversal.

Conclusion:

The bull is currently in the lead with the support from all the indicators from the one-hour chart. However, it looks like the bear is going to be taking the trophy home as it has the support of all the indicators from the one-day chart.

The post Monero [XMR/USD] Technical Analysis: Bull takes the lead but bear could take the trophy home appeared first on AMBCrypto.



This post first appeared on AMBCrypto - Latest Cryptocurrency News, please read the originial post: here

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Monero [XMR/USD] Technical Analysis: Bull takes the lead but bear could take the trophy home

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