Monero price analysis: XMR retraces after peaking at $204.2. can the bulls make a comeback?

TL;DR Breakdown

• Today’s Monero price analysis shows bearish momentum.
• Strong support is found at $197.6.
• Strong resistance is found at $214.7.

The Monero price analysis shows the coin is correcting after peaking at $204.2. The selling pressure has arisen as the price has been brought down to the $201 range today. The price function is being constantly dominated by the bearish side, as the price levels are continuously decreasing from the start of the trading session. A further decrease in price can be expected in the upcoming hours as the bears are in a dominant position today. However, support is present at $197.6, followed by another support present at $193.7.

XMR/USD 1-day price chart: XMR to retest the support at $197.6

The 1-day Monero price analysis shows price levels are descending but at a slow pace. The bearish momentum is on the go as bears have hindered the upward price action. Though last week has proved good for the cryptocurrency with a price uptrend, today, bears took over swiftly, and the coin is retracing back as the price has stepped down to $201 at the time of writing. The price is going down, but the trading volume has increased by 57 percent.

The moving average (MA) is quite far below the price level at the $212 mark. The volatility is also high, with the upper limit of the Bollinger bands at the $212 mark and the lower band is at the $161 mark. The average of Bollinger bands is at the $187 mark below the price level. The relative strength index (RSI) is going downwards but is in the upper half of the neutral zone at index 59, hinting at the selling activity, which is triggering the price recess.

Monero price analysis: Recent developments and further technical indications

The hourly charts for Monero price analysis show no different scenarios. As can be seen in the 4-hour price chart, the price levels have been sinking from the start of the trading session. The price function has been headed downwards for the last 12 hours. The moving average (MA) is still below the price level at the $201.03 level. On the other hand, the SMA 20 is trading above the SMA 50 curve, which is a good sign.

The volatility is on a high during the current hours as Bolling bands are expanding, which can be a positive indication for XMR value, with the upper Bollinger band at the $204.8 mark and lower band at the $190 mark. The average of Bollinger bands is forming at the $197.5 mark, which is below the moving average. The RSI has come further down and is hovering at index 59.

Monero price analysis: Conclusion

The entire technical timewise Monero price analysis indicates a not-so-bad situation for the crypto asset. The XMR/USD pair is retracing today, but the decrease is small, proving a little hard time for intraday traders. A further decline in XMR price can also be expected, but overall the scenario seems good.

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