Monero price analysis: XMR/USD has bearish start to the day and drops below $90
- The SMA 20 curve has crossed over with the SMA 50 curve.
- Moving average convergence/divergence (MACD) shows a reversal of bearish momentum.
XMR/USD has gone down from $90 to $89 in the early hours of Tuesday. The bulls had taken the price up to $91.25 before the bears stepped back in and took it down to $89. This Monday, the bears took control of the market took the price down from $88 to $85, where it found support and bounced up to $90. The price is currently consolidating in a flag formation, looking to break out from the triangle pattern.
XMR/USD daily chart
The 20-day simple moving average (SMA 20) has crossed over the SMA 50 curve, which is a bullish sign. The price is trending above both these and the SMA 200 curves. The moving average convergence/divergence (MACD) shows a reversal of bearish momentum, while the Elliot oscillator has had three straight bullish sessions of increasing intensity.
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.
