Monero price analysis: Bears have control of the market as XMR/USD falls below $75


  • XMR/USD fell from $75.20 to $74 in the early hours of Friday.
  • Elliot oscillator shows two bearish sessions in a row. 

Monero has a bearish start to Friday following two straight bullish days. In the last two days, Monero went up from $72.45 to $75.20. The bears have since taken control in the early hours of Friday and corrected the price to $74. The market forms a triangle formation and has found resistance at the downward trending line. The hourly breakdown shows us that the price fell from $74.20 to $71.90 before the bulls took control and brought the price up to $75.40. The bears then re-entered the market and brought the price down to $74.

XMR/USD daily chart

fxsoriginal

The price has found support at the 20-day simple moving average (SMA 20) curve and is trending below the SMA 50 and SMA 200 curves. The moving average convergence/divergence (MACD) indicator shows sustained bullish momentum, while the Elliott oscillator shows two straight bullish sessions in a row.
 

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