TL;DR Breakdown
- Monero price analysis appears to be bearish.
- The strongest resistance is available at $246.
- The strongest support is present at $182
The Monero price analysis for January 10, 2022, appears to be following a negative direction, with a probability of a reversal soon. The price has remained stable and maintained its momentum in the past few days. On January 8, 2022, the price started rising from $181 to $188; however, the price slightly declined the next day. On January 9, 2022, the price went from $188 to $185 but showed a positive movement right after. The price went from $185 to $192, which is the current price for Monero.
XMR/USD 4-hour price analysis: The bulls come into action
The Monero price analysis reveals that the market’s volatility follows a somewhat downwards direction. This signifies that the XMR/USD values subject to change will fluctuate in the direction the volatility moves; less volatility means the XMR price is less prone to experience variable change. The upper limit of the Bollinger’s band is present at $202, which serves as the strongest resistance for XMR. The lower limit of the Bollinger’s band is present at $182, which represents the strongest support for XMR.
The XMR/USD price appears to be crossing over the curve of the Moving Average, which indicates a bullish movement. The market’s momentum shows positive signs, and this will help XMR regain some of its losses which occurred over the course of a few days.
The Monero price analysis reveals that the Relative Strength Index (RSI) is 43, which means that cryptocurrency falls on neither the undervalued nor the overbought side. The RSI appears to be following a slight upwards approach that reflects the value of the cryptocurrency slightly increasing and moving towards stability. The increase in RSI scores is caused by the strong buying activity, which exceeds the selling activity.
Monero Price analysis for 1-day: XMR maintains massive volatility
The Monero price analysis indicates that the market’s volatility is massive but doesn’t appear to be following a specific trend. The volatility appears to be dormant, and this means that the price will likely remain constant until the volatility starts to fluctuate. The upper limit of the Bollinger’s band is present at $246, which serves as the strongest resistance for XMR. The lower limit of the Bollinger’s band is present at $178, which represents the strongest support for XMR.
The XMR/USD price appears to be crossing under the curve of the Moving Average, which indicates that the market is bearish. The bears currently dominate the market but might soon lose this control to the bulls as they are coming strong.
The Monero price analysis reveals that the Relative Strength Index (RSI) is 41, which means that XMR shows no signs of being undervalued or overbought. The RSI appears to be following an upwards approach that reflects the value moves towards stability. The buying activity is strong, which causes the RSI score to increase.
Monero Price Analysis Conclusion
The Monero price analysis concludes that the cryptocurrency follows a bearish trend with the possibility of a reverse trend. The cryptocurrency has shown the potential of a bullish market soon, which may help regain value and increase the price. The deductions made through the observations of the charts point towards a reverse trend which will help Monero get back on track.
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Source: https://www.cryptopolitan.com/monero-price-analysis-2022-01-10/