Monero technical analysis: Bulls and bears cancel each other out over the last five days
- XMR/USD charts six straight bearish 4-hour sessions after charting death cross pattern.
- The relative strength index (RSI) indicator of the hourly chart has entered the oversold zone.
XMR/USD daily chart
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XMR/USD has so far gone down from $86.25 to $82.15 this Wednesday. In the process, the bulls and bears have canceled each other out over the last five days. The 20-day simple moving average (SMA 20) curve has crossed over the SMA 50, and are trending above the price chart. The Elliot oscillator shows decreasing bullish sessions.
XMR/USD 4-hour chart
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The 4-hour XMR/USD chart shows that the SMA 200 and has crossed over the SMA 50 curve, charting a death cross pattern. Ever since then, XMR/USD has broken below the upward trending line and charted six straight bearish sessions. During these six sessions, the price of XMR/USD has fallen from $88.75 to $82.25. The moving average convergence/divergence (MACD) indicator shows three straight bearish sessions of increasing intensity.
XMR/USD hourly chart
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The hourly XMR/USD shows that the price has gone up to $90.15, where it met resistance and dropped down to $82.15. The second last price session broke past the red Ichimoku cloud and the support provided by the SMA 200 curve. The relative strength index (RSI) indicator has entered the oversold zone.
Key Levels
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.
