Monero Price Analysis: XMR/USD bullish streak finally halts after five days
- During this five-day bullish streak, XMR/USD raised from $61.40 to $74.90.
- The RSI indicator is looking to fall from the overbought zone.
XMR/USD daily chart
XMR/USD finally ran out of steam after five straight bullish days. The sellers took control in the early hours of Friday and dropped the price to $73.15. This bearish correction was inevitable since the RSI indicator was trending in the overbought zone, showing that the asset was overpriced. It has since dropped to around 70.
The price is hovering above the Ichimoku cloud, SMA 200, SMA 50 and SMA 20. The SMA 20 has crossed over the SMA 200, to chart the golden cross pattern, the Elliott Oscillator has had four straight green sessions, and the MACD indicates bullish momentum. All these indicators tell us that while the market is going through a temporary bearish correction, the overall market sentiment is still bullish.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
