Monero [XMR/USD] Technical Analysis: Bears likely to take control of the market


With the cryptocurrency market is witnessing a bear-run at the moment, Monero [XMR] is no different from a lot of the top-tier coins as it has also gone into a slump. At press time, XMR was trading at $110.52, with a market cap of $1.82 billion. The total 24-hour trading volume was $13.2 million with a market cap of $1.82 billion. The total 24-hour trading volume was $13.2 million with a drop of 1.57% in the trading price.


XMRUSD 1-hour candlesticks | Source: tradingview

The one-hour graph of the token showcases an uptrend for the cryptocurrency. The uptrend is ranging from $106.19 to $110.31, whereas there are two resistance levels set at $113.78 and $114.25. However, these resistance points were broken by a more immediate resistance fixed at $114.31. A clear ascending triangle can be observed in the given chart.

The Awesome Oscilat0r has turned green after flashing red on a short streak. Therefore, the indicator is predicting a bearish run for Monero.

The Chaikin Money Flow is taking a flight above the 0-mark to side with the bull. The indicator is positive on the upcoming XMR price trend.

The MACD has made a bullish crossover as well but is now joining with the signal to give a neutral outlook on the subject.


XMRUSD 1-day candlesticks | Source: tradingview

In the one-day time frame, the downtrend is ranging from $137.91 to $114.47 whereas the uptrend is stretching from $84.18 to $101.77. However, a breakout in the trend is not visible as of now.

The Parabolic SAR is bearish on the Monero market. The dots are dancing above the candlesticks, pressurizing the prices into a downward trend.

The RSI spiked to approach the overbought zone, but is now taking a downhill walk. However, the indicator is still in the bullish zone, making its way to the bear’s den.

The Klinger Oscillator has


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