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Monero Price Analysis XMR / USD: Power StruggleMonero / USD Short-term price analysis Monero has a bearish short-term outlook, with the cryptocurrency tumbling to its lowest trading level since May 2019. The four-hour time frame shows that a major bearish breakout has now occurred, with XRM/USD bears triggering a head and shoulders pattern into action. Technical indicators are bearish on the four-hour time frame and continue to issue sell signals. Pattern Watch Traders should note that the bearish pattern has a downside projection of around $37.00. Relative Strength Index The RSI indicator is also bearish on the four-hour time frame, although it is attempting to correct from oversold territory. MACD Indicator The MACD indicator has turned bearish on the four-hour time frame and continues to generate a sell signal. Monero / USD Medium-term price analysis Monero retains its bullish medium-term outlook, with the cryptocurrency still trading above its trend defining 200-day moving average. The daily time frame is showing that a sizeable head and shoulders pattern is also in play, with the $43.00 level the overall target of the bearish pattern. Technical indicators on the daily time frame are bearish and continue to issue a strong sell signal. XMR / USD Daily Chart by TradingView Pattern Watch Traders should note that an inverted head and shoulders pattern is still present on the daily time frame. The overall downside projection of the bearish pattern currently in play would fail to invalidate the larger bullish pattern. Relative Strength Index The RSI indicator has turned bearish on the daily time frame and is now issuing a strong sell signal. MACD Indicator The MACD Indicator on the daily time frame is bearish and is currently generating a sell signal. Conclusion Monero could start to come under increasing technical selling pressure as the bearish head and shoulders pattern across both time frames unfolds. The key development to watch will be how far the downside in the XMR / USD pair extends and if bears can invalidate the huge bullish pattern on the daily time frame.
KRAKEN:XMRUSDShort
by CryptoBriefingTA
$XMR - Monero Market Recap 7/12Hello traders Here's a side by side weekly and daily time frame of $XMR Monero against US dollar. As you can see on the weekly, the price has been moving in-between a range of support and resistance from 82 to 120 USD. We attempted two weeks to break above the 120 region of resistance but failed, which took us back to the 82 region, and currently trading slightly above this level of support. On the daily time frame, we have formed a nice ascending trend line which seems to hold pretty well as of right now, as the price is still consolidating in-between 98.5 USD which is also a daily level of resistance and 82.5 USD being the daily support region. I have highlighted the consolidation area with a grey rectangle, that also confluences with the ascending trend-line that I mentioned above, even though I believe we could see some stop hunts towards the likes of daily support region. However if we manage to close above the trend-line it would still indicate another push higher. Thus, a clean break and close above the daily resistance will take us towards 120 weekly level of resistance. Knowing that the BTC dominance is currently at 65% and raising, a downside move of BTC would also mean bearish for XMR. Even though it seems like this is not the case, a break and close below the consolidation area on daily could take us towards $72.5
BITFINEX:XMRUSDLong
by UnknownUnicorn3394555
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