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Monero price analysis: XMR/USD drops by 4.20% this Tuesday

FX Street
Updated:
  • XMR/USD dropped from $75.15 to $72 so far this Tuesday.
  • Elliott oscillator has a bearish session after eight straight bullish sessions.

XMR/USD managed to string together three bearish days in a row. This Tuesday, the price of Monero has fallen from $75.15 to $72, charting a 4.20% drop. Over the last three days, XMR/USD has fallen from 78.40 to $72. The hourly breakdown of Tuesday shows us that the price went up till $76 and then plummetted to $72.35. The bulls then immediately stepped back in to correct the price to $74. The bears then regained control and took the price of XMR/USD down to $72.  

XMR/USD daily chart

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XMR/USD has found resistance at the downward trending line, the 200-day simple moving average (SMA 200) and the SMA 20 curves. The SMA 200 has crossed over the SMA 20 curve, which is a bearish sign. The moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum. The relative strength index (RSI) indicator has dropped from 50.80 to 41.25. The Elliott oscillator has a bearish session after eight straight bullish sessions.
 

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