MONERO Analysis – Bears are still on the prowl!

MONERO Analysis – Bears are still on the prowl!

VSHello readers! Here Romain, for a technical review around the evolution of cryptocurrency prices XMR. Project related Monero, dive into its evolution. What are the major technical supports? How have prices been impacted during this week’s high volatility? The answer below.

XMR – Weekly chart: Sellers remain in control

These last months, XMR maintains a powerful downtrend.

XMR – Weekly Chart

Although since the end of the summer, prices have broken their Weekly Tenkanthe rebound towards Weekly Kijun is in difficulty, with a difficult market lately.

A medium-term technical support allows prices to be saved, in the zone of $140. If the recovery is done with more enthusiasm, then the objective of $194 will be possible, the weekly Kijun mentioned above.

Nevertheless, volumes are down since the beginning of the year. And the RSI remains in its selling zone, below 50 points.

XMR – Daily Chart: Indecision Remains Complete

The volatility of the last few days does not allow XMR to come out of his cloud.

XMR – Daily Chart

In effect, prices remain stuck above medium-term support, which, in the short term, is coupled to the daily cloud bottom. On the upside, prices will have to break the resistance of $168, and as an extension, the $195 represented by the plate of Daily SSB.

It is good to observe that the cloud thins out, in the next few days the trend will be easier to take shape. It will therefore be necessary to monitor the direction that prices will choose. She will also be confirmed by an increase in volumeswhich will confirm the return of operators to XMR.

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Finally, the ROI remain neutral, remaining stuck in its 50 point zone. It will be important to watch the news that will appear during the next few days because these will determine the general trend that the markets will take.

Thank you for following this review! See you Monday for the weekly video.

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