Monero [XMR/USD] Technical Analysis: Bull has abandoned privacy coin in bear’s realm

Monero [XMR], the most popular privacy coin in the market, which found its happy place in the dark web lost its 10th position. This is the result of Bitcoin SV’s entry into the top 10, with over 83% gain in the past seven days. The privacy coin is currently placed in the eleventh position.

According to CoinMarketCap, at press time, Monero is trading at $53.51 with a market cap of $888.38 million. The coin has a trading volume of $19.77 million and has plunged by over 4% in the past 24 hours.

One hour:

Monero one-hour price chart | Source: Trading View

In the one-hour chart, Monero pictures a downtrend from $69.96 to $60.48. The chart further pictures the cryptocurrency go through a steep fall from $60.48 to $55.73. The coin also demonstrates a short uptrend from $53.65 to $54.49, further up to rest at $55. It has an immediate resistance at $55.72 and a strong resistance at $60.50.

Parabolic SAR shows that the coin is currently stomped by the bear as the bear has aligned on top of the candlesticks.

Bollinger Bands is predicting a less volatile market as the bands have started to come close to each other.

Chaikin Money Flow is also forecasting a bearish weather as the line has crossed below the zero line, demonstrating that the money has started to flow out of the market.

One-day:

Monero one-day price chart | Source: Trading View

Monero one-day price chart | Source: Trading View

In the one day chart, the chart shows a downtrend from $203.52 to $114.07. It also pictures another downtrend from $84.20 to $54.40. The coin has an immediate resistance at $90.51 and a strong resistance at $147.58.

MACD is showing a bearish wave as the moving average line has made a bearish crossover.

RSI is also demonstrating a bearish trend as the coin’s selling pressure is overpowering the buying pressure in the market.

Klinger Oscillator is on the same page as that of MACD. as the reading line has made a bearish crossover.

Conclusion:

The bull has abandoned the coin in the bear’s realm. The coin is supported by Parabolic SAR and CMF from the one-hour chart and MACD, RSI and Klinger Oscillator from the one-day chart, in the bear’s kingdom.


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Priya


Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


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