The Monero price analysis is pointing in a bullish direction for today as bullish momentum gained strength yesterday and bulls are continuing their lead for today as well. The coin was recovering well after 12 May 2022, but bears halted upwards price movement on 16 May 2022, and after that, the coin has been struggling to maintain its price levels for the last couple of days. However, now the bullish momentum has returned, and the market is showing positive sentiment for XMR as the price has broken above the $172.7 resistance and reached the $173 level.
XMR/USD 1-day price chart: XMR to continue upside
The 1-day Monero price analysis shows XMR is in bullish momentum, as the cryptocurrency is trading hands at $173.5 at the time of writing. The crypto pair reports an increase in value by 10.45 percent over the last 24 hours, and the cryptocurrency also reports an increase in price value by 19.16 percent over the past week, as the buyers have been persistent in their efforts. The market cap also increased by 11.26 percent overnight, and the trading volume went up by 13.78 percent for the same time period, resulting in the market dominance of 0.25 percent.
The volatility for XMR/USD pair is high, and the Bollinger bands are further diverging. The upper band has reached the $215.7 mark, representing the strongest resistance, and the lower band has reached the $124.5 mark representing the strongest support. The mean average of the indicator is present at the $180.1 mark above the price level. The Relative strength index (RSI) is trading at an upwards curve at index 45, indicating the buying activity in the market.
Monero price analysis: Recent developments and further technical indications
The 4-hour Monero price analysis shows the coin recently faced some resistance after the breaking upwards, as the price function has slightly decreased in the last few hours. However, bulls have managed to make a breakthrough, and the coin rallied high prior to the current correction which is a positive sign for the price to increase further in the coming hours, as the bulls are still in a dominant position.
The volatility is high for XMR on the 4-hour chart, as the Bollinger bands show quite a range for the price movement. The upper band is at the $178.9 mark, representing resistance for the coin, and the lower band is at the $154.4 mark. The average of Bollinger bands is $166.6. The moving average (MA) has also traveled up and is present at the $162.6 mark and it will soon cross above the Bollinger band mean average line which will be a further bullish indication. The relative strength index (RSI) is trading in the upper half of the neutral region at index 58, but the curve of the indicator has flattened out, which hints at pressure from the bearish side.
Monero price analysis: Conclusion
The Monero price analysis shows the coin is in the bullish form today, the price has increased up to $173.5. The cryptocurrency has broken above the resistance of $172.7 and the bullish momentum is strong, it seems like it will continue upside for the coming hours as well.
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Source: https://www.cryptopolitan.com/monero-price-analysis-2022-05-20/