Monero price analysis: XMR/USD drops by 4.20% this Tuesday
- XMR/USD dropped from $75.15 to $72 so far this Tuesday.
- Elliott oscillator has a bearish session after eight straight bullish sessions.
XMR/USD managed to string together three bearish days in a row. This Tuesday, the price of Monero has fallen from $75.15 to $72, charting a 4.20% drop. Over the last three days, XMR/USD has fallen from 78.40 to $72. The hourly breakdown of Tuesday shows us that the price went up till $76 and then plummetted to $72.35. The bulls then immediately stepped back in to correct the price to $74. The bears then regained control and took the price of XMR/USD down to $72.
XMR/USD daily chart
XMR/USD has found resistance at the downward trending line, the 200-day simple moving average (SMA 200) and the SMA 20 curves. The SMA 200 has crossed over the SMA 20 curve, which is a bearish sign. The moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum. The relative strength index (RSI) indicator has dropped from 50.80 to 41.25. The Elliott oscillator has a bearish session after eight straight bullish sessions.
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.
