Home Monero price analysis: Bears have control of the market as XMR/USD falls below $75
Crypto News

Monero price analysis: Bears have control of the market as XMR/USD falls below $75

FX Street
Updated:
  • XMR/USD fell from $75.20 to $74 in the early hours of Friday.
  • Elliot oscillator shows two bearish sessions in a row.  

Monero has a bearish start to Friday following two straight bullish days. In the last two days, Monero went up from $72.45 to $75.20. The bears have since taken control in the early hours of Friday and corrected the price to $74. The market forms a triangle formation and has found resistance at the downward trending line. The hourly breakdown shows us that the price fell from $74.20 to $71.90 before the bulls took control and brought the price up to $75.40. The bears then re-entered the market and brought the price down to $74.

XMR/USD daily chart

fxsoriginal

The price has found support at the 20-day simple moving average (SMA 20) curve and is trending below the SMA 50 and SMA 200 curves. The moving average convergence/divergence (MACD) indicator shows sustained bullish momentum, while the Elliott oscillator shows two straight bullish sessions in a row.
 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024