Monero [XMR/USD] Technical Analysis: Bulls and bears to clash for market dominance

Source: Ambcrypto, originally published on .

https://ambcrypto.com/monero-xmr-usd-technical-analysis-bulls-and-bears-to-clash-for-market-dominance/.

Monero [XMR], the tenth-biggest cryptocurrency in the market, has been sprinkling hope like fairy dust in the market along with all the major altcoins such as Ethereum [ETH], XRP, and Bitcoin Cash [BCH]. The coin had joined all the coins for a small bull run earlier this month.

According to CoinMarketCap, at press time, the coin was trading $106.54, with a market cap of over $1 billion. The cryptocurrency had a trading volume of more than $11 million and had tanked 1.04% in the past 24 hours.

1-hour:

Monero one-hour price chart | Source: Trading View

Monero one-hour price chart | Source: Trading View

In the one-hour chart, Monero saw a downward trend from $111.83 to $107.90. The cryptocurrency pictured an upward trend from $106.32 to $106.41.  There was a strong resistance for the coin at $114.34 and an immediate resistance at $106.32.

If attacked by the bear, the cryptocurrency has an immediate support at $106.32. If this were to be broken, it has a strong support at $104.84 level.

The Chaikin Money Flow showed that the money has started to flow out of the market, predicting a bearish run.

Parabolic SAR was in complete support of the race, with the dots alignment below the candlesticks.

However, the Bollinger Bands were contracting, indicating a less volatile market.

1-day: 

Monero one-day chart | Source: Trading View

Monero one-day price chart | Source: Trading View

The one-day price chart saw a downward trend from $292.59 to $114.08 and an upward trend from $101.74 to $107.70. There is a strong resistance for the cryptocurrency at $292.59. The coin will have to face an immediate resistance at $115.39.

If the bull were to fail the whole market by losing the race, then there is an immediate support at the $100.55 mark. The coin also has a strong support at $84.18.

The RSI indicator showed that the buying and selling pressure in the market at present is being evened out.

MACD was betting on the bear as the moving average line was about to breach the signal line, choosing to go downhill

The Klinger Oscillator was also on the bear’s side of the race, as the reading line was below the signal line.

Conclusion

The cryptocurrency is preparing itself for a short-term bullish run, with the one-hour chart favoring the bull and a long-term bearish hold as the one-day chart decided to let the bear win over the market.

The post Monero [XMR/USD] Technical Analysis: Bulls and bears to clash for market dominance appeared first on AMBCrypto.

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