Monero price analysis: XMR/USD going through a period of low market volatility
|- The bulls must overcome resistance at the SMA 20 curve to continue upward momentum.
- The Elliott Oscillator had a bearish session following nine straight bullish sessions.
XMR/USD is on course of charting a second bullish day in a row. So far this Friday, the price of XMR/USD has gone up from $53.50 to $53.75. Looking at the hourly Monero chart, we can see that the price fell till $51.85, where it found intraday support and bounced up to $54.48. That was where the bulls ran out of steam and then corrected itself around $53.75. The 20-day Bollinger band has constricted, which indicates low market volatility.
XMR/USD daily chart
The 20-day Simple Moving Average (SMA 20) curve acts as immediate market resistance. The Moving Average Convergence/Divergence (MACD) indicator shows decreasing bullish momentum, while the Elliott Oscillator has had a bearish session following nine straight bullish sessions. The Relative Strength Index (RSI) indicator is trending around 40.
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