Monero technical analysis: XMR/USD falls by 3.54% in the early hours of Friday
- XMR/USD dropped from $56.42 to $54.42 so far today.
- The RSI indicator is creeping along at the edge of the oversold zone.
XMR/USD daily chart
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The XMR/USD daily chart has formed a downwards channel formation and is trending below the 200-day, 50-day and 20-day Simple Moving Average curves (SMA 200, SMA 50 and SMA 20). The Relative Strength Index (RSI) indicator is creeping along at the edge of the oversold zone.
XMR/USD four-hour chart
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The four-hour XMR/USD price has found resistance at the SMA 20 and SMA 50 curves. The 20-day Bollinger band has narrowed, indicating decreasing market volatility. The Elliott Oscillator shows two straight bearish sessions.
XMR/USD hourly chart
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The hourly chart has taken a nosedive and gone below the red Ichimoku cloud. The price fell from $57 to $54.60 within two hours and is currently trending below the SMA 200, SMA 50 and SMA 20 curves. The Moving Average Convergence/Divergence (MACD) indicator shows that market momentum has reversed from bullish to bearish.
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.
