Monero Trades Moderately Bearish Due to No Steady Price Recovery
Monero trades at $45.67 at the press time but remains quite near to the 90-day low price. XMR/USD price trend makes an inverted ‘V’ shape pattern. The current trading price of the coin lacks support from the moving averages. However, the immediate support is awaiting at around $46, which happens to be the 10-day MA.
Monero Price Analysis
Analyzing the daily XMR/USD price trend on Kraken, if we project a similar kind of trend in the upcoming year 2020, it is ought to take a rise in the initial months. If the same takes place as we anticipate, it is likely to gain support from the long-term moving averages. Currently, Monero even lacks support from the 20-day Bollinger Band Basis. The immediate opening of the Bollinger Band is normal, and we do not foresee any volatility. The 10-day and 50-day MAs are inside the range of the upper and lower Bollinger Band; however, 200-day MA remains out of the stated range.
The technical indicators laid on the XMR price trend against USD, the MACD of the coin is running below zero and holds a slightly bearish outlook as there has not been a steady recovery.
The RSI of the coin also confirms the same as it is currently at 36.14 and holds no extremities but an inclination towards the oversold region.
Erica LeeErica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.
